Here is a quick preview of the Australian housing finance data due today

Due at 0130GMT (my earlier heads up is here)

Its just a few lines from Sean callow at Westpac:

  • Westpac expects -1.5%m/m while consensus is -2.0%
  • Industry data suggests owner-occupier approvals were down a touch in April
  • There will again be keen interest in the investor numbers and whether regulatory efforts have had any impact.
  • We will also have the May NAB business survey at the same time. This will be the first reading since the federal budget.
  • May ANZ job ads will also be released

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OK, while I'm at it .... here is another Westpac preview of the data:

  • The 1.6% rise in owner occupier finance approvals in March was almost entirely due to a surge in refinancing (+4%mth, 21%yr) with loans ex refi up just 0.3%mth, and down 3%yr
  • Construction-related approvals were soft
  • But the value of loans to investors jumped 6.4% (clearly no impact of 'macroprudential pressure' on this segment so far)
  • Industry data suggests owner-occupier approvals were down a touch in April, a somewhat surprising result given the February rate cut and strong auction activity
  • This likely reflects regional disparities with auctions only a meaningful indicator for Sydney and Melbourne

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OK, who was that, someone up the back ... who asked for MOAR! ?

OK then, via NAB:

  • Housing finance approvals for April will provide an up to date of new housing mortgage lending some four months on from the lending guidance provided to financial institutions last December, though still not fully encompassing the recent moves by the major banks to tighten up lending terms on investor loans through broker channels
  • Dwelling price momentum was still strong in April
  • And with the flow of new medium/high density development and sales promotion continuing, that's been a strong underpinning to new mortgage demand
  • The net growth in investor housing credit was still rising at a 0.8% m/m rate in April, the same as has been evident now for the past year
  • For headline April owner-occupied lending, we look for a 1% decline in the number of loans