The Australian housing market is still simmering, according to the latest readings of sales and lending.
It's being heated up by the increasing volumes of money flowing into it.
Housing finance figures from the Australian Bureau of Statistics on Monday just provide more evidence of that.
In November, lenders gave the go-ahead to 25 per cent more lending to investors and homebuyers than they did a year earlier, with a goodly chunk of that heading into new housing.
That's meant an extra $600 million going into the housing industry every month compared with 12 months before.
And that's not counting lending from offshore, including by foreign branches of Australian banks, or flows of unencumbered cash.
So it's no surprise that recent estimates have shown annual price rises averaging around 10 per cent a year.
The title of Commonwealth Bank economist Michael Workman's analysis of the finance figures put it simply: "More lending means higher house prices".
And there may be more to come.
"At this stage dwelling prices appear to have some more upside as long as interest rates remain low," Mr Workman said.
The strong undercurrent of demand showed up clearly in the new home sales figures from the Housing Industry Association last week.
Sales hit a two and half year high in November.
And the figures showed evidence of a pattern of sales responding to new supply, rather than what might normally be expected - increased building activity following a pickup in lending.
Spikes in sales in June, September and November appear to have followed short-term rises in building approvals two months earlier in each case.
Although it was hard to pin down statistically, it does appear that sales of apartments "off the plan" go a long way towards explaining this pattern, HIA chief economist Harley Dale said last week.
Commonwealth Bank's Workman identified the same pattern.
"One of the more unusual features of the current dwelling upswing is that buyers still remain keen on buying new properties, usually inner city or suburban apartments, off the plan," he said.
"Buyers, who appear to be evenly split between investors and owner occupiers, are happy to take delivery up to two years from agreeing to buy."
And figures from mortgage broker Australian Finance Group show the strength in demand continued up to the end of the year.
The value of new loans written by AFG in December was up by 29 per cent from a year before.
This market looks like simmering for a little while yet.