The Reserve Bank of Australia (RBA) has released its private sector credit aggregates data for the month of May 2020:
A chart plotting the long-run time series is shown below:
Overall mortgage growth was 3.1% in the year to May, a fraction above all time lows (3.0%).
A breakdown of owner-occupied credit (0.5% MoM; 1.5% QoQ; 5.4% YoY) and investor credit (-0.3% MoM; -0.6% QoQ; -0.8% YoY) is provided below:
The below chart shows that quarterly mortgage growth slowed over the two months to May and is nearing record lows:
With quarterly growth dragged down by investors, where demand is collapsing:
The collapse of investor demand is another bearish indicator for the Australian housing market.