Australia's October Private Sector Credit came in at 0.7% on month on month basis, same as per the expectations by market consensus and modestly less than that of previous month's 0.8% mom.
The overall private sector credit growth for the month of September was higher than the consensus expectations of 0.5% and recorded highest for 7 years.
The affordability owing to solid appreciation in prices is falling. There is no reliability in the split between owner-occupiers and housing investors, due to re classifications, shifting te focus on total housing loans.
"The major banks' autonomous mortgage rate increase of 15-20bp in October is unlikely to have left any discernible mark on the latest data quite yet, but over the coming months some marginal impact should be expected", says Societe Generale in a research note.