The Australian Bureau of Statistics (ABS) released housing finance data for August 2016 earlier this week.
The data showed that over the month there was $31.4 billion worth of housing finance commitments which was the lowest monthly value since April 2016.
This $31.4 billion was split between $19.5 billion worth of commitments for owner occupiers and $11.9 billion in commitments.
Although investor lending has dropped substantially from its peak we are seeing trends diverge whereby finance commitments for owner occupiers are trending lower while investor lending is once again rising.
In fact, housing finance commitments to owner occupiers have been trending lower over the past six months while investor lending has increased over each of the past four months.
Overseas arrivals and departures data for August 2016 was also released by the ABS earlier this week.
The data showed that over the 12 months to August 2016 there were 18,443,600 overseas arrivals which was 7.5% higher over the year.
In terms of overseas departures, there were 18,253,500 annual departures which was 7.1% higher over the year.
When pairing permanent settler arrivals and long-term and permanent resident departures it seems as if the tide of declining net overseas migration has begun to turn.
Over the year, net permanent arrivals were recorded at 266,420 and, although this is lower over the year, it has begun to lift from its recent trough.
Westpac and the Melbourne Institute released their consumer sentiment index results for October 2016 earlier this week.
The Consumer Sentiment Index was recorded at 102.4 points which was 1.1% higher over the month, indicating that consumer optimism is continuing to outweigh pessimism.
The Consumer Sentiment Index has now been in optimistic territory for three consecutive months, this is the first time this has occurred since February 2014.
National Australia Bank released the results of their monthly business survey for September 2016 earlier this week.
The release showed the business confidence was steady over the month at 6 points whilst business conditions increased slightly from 7 points to 8 points.
Auction volumes rose last week following long weekends and football grand finals the previous week.
Last week there were 2,290 capital city auctions, up from 872 the previous week.
Auction clearance rates were recorded at 76.4% up from 75.8% on much lower volumes the previous week. CoreLogic collected results for almost 92% of all auctions last week.
In Melbourne, there were 1,114 auctions with a clearance rate of 78.4%.
In comparison over the previous week there were 114 auctions and a clearance rate of 87.2%.
Sydney’s auction clearance rate fell from 82.5% the previous week to 79.8% last week.
Auction volumes were much higher in Sydney last week with 816 auctions compared to 530 auctions the previous week.
While auction clearance rates remain high in both Sydney and Melbourne, Sydney’s clearance rate was below 80% for the first time in 6 weeks last week.
In Melbourne, clearance rates have been above 75% for eight consecutive weeks.
Note that sales listings are based on a rolling 28 day count of unique properties that have been advertised for sale.
There were 46,139 newly advertised properties added to the market nationally over the past 28 days which was -1.1% lower than at the same time a year ago while there were 233,133 total properties advertised for sale over the same period which was -2.3% lower than a year ago.
Across the combined capital cities, there were 28,166 newly advertised listings over the past 28 days which was -3.6% lower than a year ago and 104,824 total listings which was 3.0% higher than a year ago.
Newly advertised listings are currently lower than a year ago in Sydney (-17.0%), Melbourne (-2.5%), Adelaide (-2.1%), Darwin (-14.2%) and Canberra (-2.4%) with new listings higher elsewhere.
In terms of total properties advertised for sale, supply is lower than a year ago in Sydney (-6.2%), Hobart (-28.9%) and Canberra (-17.4%).
Despite the fact that new and total listings are slightly lower than they were a year ago, the number of both have been trending higher.
Now that all of the distractions of grand finals and long weekends are behind us it will be interesting to see how much further listings rise before Christmas
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