The Australian Bureau of Statistics (ABS) released housing finance data for June 2016 earlier this week.
According to the data there was $32.6 billion worth of housing finance commitments in June 2016 which was the highest monthly value of commitments since August 2015.
The value of housing finance commitments rose by 2.3% over the month but were virtually unchanged over the past year.
In June 2016, there were $20.8 billion in commitments to owner occupiers and $11.8 billion worth of commitments to investors.
The value of owner occupier housing finance commitments was 1.8% higher over the month and 9.4% higher year-on-year.
The $11.8 billion worth of investor housing finance commitments was the highest since August 2015, rising by 3.2% over the month but -13.1% lower year-on-year.
In June 2016, investors accounted for 46.0% of the value of all new lending (excluding refinances) which was its highest proportion sin August 2015 when it was recorded at 47.3%.
The recent rise in investment lending suggests that some lenders may be lending more to investors following the slowing in annual investor housing credit growth to 5% over the 12 months to June 2016.
Westpac and the Melbourne Institute released their monthly consumer sentiment index results for August 2016 earlier this week.
According to the data the Consumer Sentiment Index was recorded at 101.0 points.
The Index rose by 2.0% over the month.
The Index rise was preceded by a cut to official interest rates at the beginning of the month, over recent years a cut to interest rates has resulted in a rebound of consumer sentiment to a level in which optimism outweighs pessimism.
Over the first 8 months of the year, the Consumer Sentiment Index has shown optimism outweighing pessimism over four of the first eight months of the year.
The National Australia Bank (NAB) released the July 2016 results of their monthly Business Survey earlier this week.
Business conditions were recorded at 8 points, down from 11 point in June while business confidence fell from 5 points to 4 points over the month.
NAB reports that business conditions remain strong (despite the monthly fall) while confidence remains resilient given the external factors weighing on the market.
Over the week ending August 7 there were 1,540 capital city auctions with CoreLogic collecting results for 1,410 auctions, accounting for almost 92% of all auctions held.
The final clearance rate was recorded at 72.5%, which is the highest clearance rate of the year and the highest since September last year.
Last week, across Melbourne, 724 auctions were held with a clearance rate of 74.2%, down from 75.3% across 754 auctions over the previous week.
Sydney’s auction clearance rate was recorded at 77.5% across 544 auctions with the clearance rate down from 78.0% across 509 auctions over the previous week.
Sydney’s auction clearance rate has been above 70% for 16 consecutive weeks while last week was the fifth consecutive week clearance rates have been above 70% in Melbourne.
Across the remaining capital cities, clearance rates fell across all cities except Brisbane.
Note that sales listings are based on a rolling 28 day count of unique properties that have been advertised for sale.
Relative to the same period last year, the number of new listings over the past twenty eight days is -10.3% lower on a national basis and the total volume of stock on the marke
t is -1.8% lower.
Across the combined capital cities, trends are slightly different with new listings -12.5% lower relative to last year, while total listings are 3.5% higher.
On a city-by-city basis, Perth (+1.9%) and Hobart (+21.6%) are the only capital cities where new listings are now higher than they were a year ago.
In terms of the total stock available for sale, Melbourne (-3.8%), Hobart (-30.8%) and Canberra (-10.8%) are the only capital cities to have fewer total properties for sale than a year ago.
The number of new properties listed for sale has continued to trend higher over the past week while the total number of homes listed for sale is declining.
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