Stripping out refinancing and cancellations, new commercial finance has weakened by some 12 per cent over the past year in trend terms.
After a series of extraordinarily weak results, personal finance jumped by 6.3 per cent in March.
Last rites for mining boom
That's not to say that the Sydney property market has softened all that much though - at least, not in the inner suburbs.
Inspections remain very busy for quality properties, and clearance rates in the east are punching at above 90 per cent. Indeed, the preliminary auction clearance rate in Sydney reported on Saturday was above 80 per cent (Domain Group), the strongest preliminary result recorded across all of 2016 to date.
Moreover, unlike more liquid asset classes such as equities, there is no clean and simple way to short a housing market, even where it is clearly overvalued. Shorters instead tend to look at banks, developers, or mortgage insurers as the best available proxy.