Australia CoreLogic house prices for October: +1.4% m/m (prior +1.1%)

House prices has stabilised and shown growth in recent months according to this indicator.

Combined capital +1.4% m/m

• -2.4% y/y

National +1.2% m/m

• -2.3% y/y

Core Logic comments:

• becoming increasingly clear that the housing market rebound is gathering pace
• geographically and across the broad valuation cohorts

Citing:

• lower mortgage rates
• improved access to credit
• an improvement in affordability
• high demand via population growth

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ps. yesterday we got credit data from Australia:

• Australia Private Sector Credit for September: +0.2% m/m (expected 0.3%)

HSBC say that Australian new home loan approvals have picked up but its not so far being shown in the data.