The loans data was a beat, here ICYMI:

Westpac response (in summary):

  • Overall, the February update was firmer than expected, consistent with the improved tone from auction market activity and a slowing in price declines in recent months.
  • Some of the effects of tightening credit conditions may also be dissipating.
  • That said, the signs of improvement are still only tentative. The market may be starting to find a base in terms of finance activity but conditions remain weak overall.

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ps. WPAC on the y/y results, good context:

  • owner occupier loan approvals … down 12.5% y/y
  • investor loans down heavily by 29.1% over the last year
  • combined total value of housing finance approvals down 18.6% y/y