Total housing lending now sits at some $1.67 trillion.
Mortgage growth displays strength: Pete Wargent
One of the criticisms of macroprudential measures to cool lending (as opposed to the Reserve Bank lifting the cash rate) has been that they can't "get in all the cracks".
And those sneaky lenders have been up to their old tricks, with mortgage growth accelerating strongly in May, directly contradicting almost all market commentary.
It's hard to get a read on this.
With borrowing capacity increasingly constrained, it may imply higher volumes.
APRA released its Monthly Banking Statistics yesterday which confirmed that banks expanded mortgage books by 0.6 per cent in May, with owner-occupier loans rising by 0.7 per cent.
Respected banking analyst Martin North referred to the growth as "too strong", noting that "home prices will continue to rise", although this wasn't reported anywhere of note, at least as far I could see.
Growth in investor loans also accelerated in May, up from 0.39 per cent to 0.42 per cent.
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Housing credit picks up
It was a busy day indeed for credit-related statistics yesterday, with the Reserve Bank of Australia (RBA) also releasing its Financial Aggregates figures for the month of May.
Credit growth expanded by 5 per cent of the year to May, while broad money growth remained somewhat stronger at 7.3 per cent.
Total housing lending now sits at some $1.67 trillion.
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and blogger.
His latest book is Four Green Houses and a Red Hotel.