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Last week’s ABS housing finance data revealed a booming mortgage market, with year-on-year new mortgage commitments (excluding refinancings) surging by 14.0%:
Today, Deloitte released its 2020 Australian Mortgage Report, with lenders and brokers predicting a further 2%-3% increase in mortgage settlements in 2020:
In terms of new mortgage financing, or settlements, this totalled $316 billion over 2019 (an average of $26.4 billion per calendar month). This was a reduction of 7.5% compared to the prior period in 2018. However, this overall fall in 2019 was largely a story of two halves.
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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.