Construction mortgages lowest since 2012

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Thursday’s housing lending data from the Australian Bureau of Statistics revealed that mortgages for the construction of new homes dived to the lowest level since 2012, as illustrated below:

According to the Housing Industry Association (HIA):

“The weakness in construction lending in November is largely a legacy of the very soft sales volumes that home builders were experiencing during the first half of the year”.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.