ANZ analysts note that the value of Australia’s housing finance rose 1.9% on a month-to-month basis in June after a sharp decline in May, eliminating much of May's losses.
They say: "The annual growth was -17.6% year-on-year according to the March / April results."
” Owner-occupier finance has risen sharply by 2.4%, with annual contracts contracting to reach 14.8%. This was in line with the average of the first few months of the year, while expected to decline in May."
"We believe this June jump reflects weak demand in April and May, when public holidays and elections delayed home purchases. The sharp change in housing sentiment since May has led to further increases. The credit growth in the next few months. "
“Investor demand ex refinancing ticked up 0.5%, the first positive result since July 2018 this is the first positive result since July 2018. Also, total investor demand increased for the first time in the past 7 months. While investor demand is still substantially lower than last year (-24.7%), this is the smallest decline in the year-on-year ratio since October 2018. "
Source : Fxstreet