New home lending fell an unexpected 3.9% in January, confounding economists' expectations and paving the way for a subdued housing market this year. Loan volumes and values both declined, likely keeping housing values from rising substantially.
The slower rate of dwelling price appreciation represents convergence back towards subdued trends in mortgage activity.
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Commonwealth Bank's cash profit falls 3% in first halfCommonwealth Bank's cash profit for the first half of the financial year dropped by 3% to $5 billion due to intense competition in the mortgage market. The bank's CEO, Matt Comyn, stated that 2024 will be a challenging year for the bank and the economy due to inflation and slowing demand. Despite the lower profit, the bank remains strong and will continue to invest in products and services.
Source: FinancialReview - 🏆 2. / 90 Read more »