Owner-occupier mortgages bubble

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Today’s new mortgage data for January from the Australian Bureau of Statistics (ABS) recorded another month of strong growth:

Total new mortgage commitments (excluding refinancings) surged by 4.6% in January, with owner-occupied mortgages rising 5.0% and investor mortgages rising 3.6%.

Year-on-year, total new mortgage commitments (excluding refinancings) rose by 23.3%, with owner-occupier mortgages rising by 26.9% and investor mortgages rising 14.7%:

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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.