As regular readers know, I consider the growth in new mortgage commitments to be the key indicator or property prices.
The latest ABS housing finance data for September showed that mortgage growth has slowed sharply. And since nearly every home in Australia is purchased with a mortgage, this falling mortgage growth historically points to slower house price growth, as illustrated clearly in the chart below:
The latest leading mortgage index from CoreLogic, released yesterday, suggests that mortgage growth has accelerated sharply as 2021 draws to a close:
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