In further evidence that the non-bank sector has been hit hard by current market conditions, ABS figures released today showed the number of owner-occupied dwellings financed by the sector decreased by 8.7 per cent in April, seasonally adjusted.
This came off the back of a revised 11.6 per cent decrease in March.
Banks also experienced a two per cent decline in financing activity in April; overall the market experienced a decline of three per cent in dwelling commitments to $19.464 billion, seasonally adjusted.
Owner-occupied housing finance decreased most significantly, falling by 4.9 per cent to $13.406 billion, seasonally adjusted.
The total value of investment housing financing rose by 1.4 per cent, seasonally adjusted.