"Housing credit increased by 0.4 per cent over May following an increase of 0.4 per cent over April. Over the year to May, housing credit rose by 4.5 per cent."
A lot of panicked articles doing the rounds today as the RP Data index shows colossal gains in June, particularly for Sydney where prices have apparently increased by 3% in the past month alone.
I wouldn't get too excited. Just like last month when prices were apparently falling.
It all just goes to show the silliness of relying one daily movements in one data source, with all the data collection issues it faces.
Over 12 months prices are up ~5.5% in Sydney and ~7% in Perth, and are only up marginally in other capital cities.
But I haven't seen any indicators of prices surging at the levels being reported this month.
Keep an eye on the ABS credit growth figures over coming months.
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