The Christmas season took its regular toll on housing finance, according to data released this week by the Australian Bureau of Statistics (ABS).
The latest figures show that the total value of new loans for housing fell 4.1% in December 2023.
Owner-occupier loans fell 5.6%, while lending to investors fell 1.3%.
ABS head of finance statistics Mish Tan observed that while the value of loans in both sectors fell in December, growth over the year was 20.4% for investor loans and 7.4% for owner-occupier loans.
“The composition of total loan activity has changed since the data was first collected in 2019”, she said.
“The proportion of loans to investors has increased from 27.3% in December 2019 to 35.5% in December 2023.”
The number of first home buyer loans fell 8.4% in December 2023 but was 12.9% higher compared to a year ago. Meanwhile, the value fell 5.5% in the month but was 21% higher compared to a year ago.
The value of lending to owner occupiers fell in NSW (down 4.1%), Victoria (2.6%), Queensland (5.8%), South Australia (6.2%), WA (2.5%), NT (5.5%), and the ACT (11.5%). The only state to record a lift was Tasmania, with a rise of 3.3%.
