Despite a rather surreal August, with much of the country locked in their homes for the vast majority of the day, the housing market kept moving higher. The five-city capital average advanced a strong 1.5%. The trend is a gentle slowing, but still very strong growth. Stock on market remains very low, indicating strong demand. The rental market remains tight (we touched on this a few posts ago) while mortgage rates are dirt cheap.
Canberra, Hobart and Brisbane (incl. Gold Coast) led the charge, all moving higher by more than 2%. Sydney (+1.8%) remained strong despite lockdown, as did Melbourne (+1.2%).
Housing finance data separately released showed lending remained extremely strong in July 2021, although it is no longer shooting higher. Banks would still be licking their lips with this amount of lending.
So far, the housing market remains bullet proof.