Aussie mortgage growth launches

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The RBA has released its private sector credit aggregates data for the month of November, which continued the strong rebound in mortgage growth.

A chart plotting the long-run time series is shown below:

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Annual mortgage growth continues to trend higher, but remains low overall at just 3.4%.

However, quarterly mortgage growth has rebounded hard, climbing for three consecutive months:

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As shown below, quarterly mortgage growth is being driven by owner-occupiers; although investors have also rebounded:

Another positive indicator for the Australian property market.

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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.