Housing finance shows no signs of slowing down, according to data released this week by the Australian Bureau of Statistics (ABS).
The value of new housing loans rose 17.9% since March 2023 to $27.6 billion, after a 3.1% rise in the month of March 2024.
Owner-occupier loans (excluding first home buyers) rose 2.1% to $12.3 billion, an increase of 8.8% through the year.
Around the country, lending to this sector rose 2.4% in NSW, 2.0% in Victoria, 5.6% in Queensland, 2.4% in NSW, 2.4% in NSW, 2.4% in NSW, 2.4% in NSW. The only drop was recorded by the ACT, where values fell 19.2% over the month.
ABS head of finance statistics Mish Tan noted that the result is a product of the size and volume of the loans being approved.
“The rise in the value of new home loans over the past year reflected increases in the average loan size, in line with rising house prices over the same period”, Tan said.
“Meanwhile, in original terms, the number of loans reaching the final commitment stage is broadly similar to a year ago.”
Comparing different buyers in the market, the value of investor loans rose 3.8% in March to $10.2 billion, increasing 31.1% since March 2023.
First home buyer loans rose 4.4% to $5.2 billion, to be up 17.9% through the year.
“Since March 2023, there has been relatively strong growth in investor loans, with increases in both the number, by around 11%, and the average loan size, up around 8% in original terms”, Tan said.
“This aligns with historically low vacancy rates over the same period, and CPI rental prices rising 7.8% annually to March quarter 2024”, she concluded.
