Owner-occupier mortgages still OK but…

Vir CoreLogic’s leading indicators:

Activity is still up a little year-on-year if weaker than a normal May period. Recall that this index does not include investors, a very big deal given falling rents.

Listings are still very low:

 

This combination has driven auction clearances straight back up:

This would normally be price bullish but this time volumes are so paralytically low that I see it more as noise than signal.

I remain bearish as rents fall, unemployment rises, immigration dries up and banks tighten. Full report.

David Llewellyn-Smith
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