Lending for dwellings continues its sustained decline in Australia according to the latest Australian Bureau of Statistics data released Thursday.
Across both the owner occupier and investor segments, lending by value is down 20.8 per cent in the past 12 months to May 2019.
The decline in more pronounced in the investor segment of the market where lending by value is down 27.8 per cent over the year to levels last experienced during the GFC.
The larger owner occupier segment saw declines of 18 per cent.
At a state by state level, lending fell in every state, territory and market segment (owner occupier & investor). Significant falls are being experienced in the eastern states (NSW, VIC and to a lesser extent QLD) most exposed to the property asset bubble as well as mining states Western Australia and the Northern Territory.