RBA: FSR showed signs of easing in Sydney and Melbourne housing markets - TDS
|Analysts at TDS point out that the RBA’s Financial Stability Review showed signs of easing in Sydney and Melbourne housing markets.
Key Quotes
“Two of the more noteworthy sentences in the semi-annual review were "Balances in mortgage offset accounts and redraw facilities remain about 17% of outstanding loans, or more than 2 ½ years of scheduled repayments. But these mask “substantial variation” as about one-third of mortgages have less than one month's buffer." and "banks' non-performing housing loans are mostly well secured, with the impaired share very low".”
“Market range for next week’s employment number is breath-taking in the wake of the outsized August print (+54.2k) at -10k to +32k. We lean towards a small correction, only because of the string of strong prints hints at a breather.”
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