Mortgage market points to once-in-generation property boom – MacroBusiness

As regular readers know, I consider the growth rate in new mortgage commitments to be the number one short-term indicator for Australian property prices.
This is due to the incredibly strong historical correlation between new mortgage commitments and dwelling value growth.
On Thursday, the Australian Bureau of Statistics (ABS) released data on new mortgage commitments for the month of February, which reported the strongest annual rate of growth in the series’ history, driven by owner-occupiers:
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