Lending to owner-occupiers rose by more than one tenth in 2023, according to data released this week by the Australian Bureau of Statistics (ABS).
The latest figures show that the value of new owner-occupier home loans rose 10.1% through the year to November 2023, while their number rose 7.3%.
The value of total new lending to investors rose 1.9% in November, 18.0% higher compared to a year ago.
ABS head of finance statistics Mish Tan observed that November saw continued growth in the value and number of new owner-occupier home loans, which rose 0.1% and 1.0% in the month respectively.
“The growth in owner-occupier and investor lending seen through 2023 was driven by the three states with the largest populations”, Dr Tan said.
“For both owner-occupiers and investors, New South Wales saw the most growth”, she added.
Figures for November show that total lending rose 3.3% in Queensland, 2.0% in Victoria, 6.9% in South Australia, 9.4% in the Australian Capital Territory and 6.0% in the Northern Territory, but fell 1.1% in New South Wales, 2.9% in Western Australia and 15.2% in Tasmania.
The number of first home buyer loans rose 3.5% in November 2023, 20.3% higher compared with a year ago. The value of these commitments rose 2.8% in the month to be 25.8% higher over the year.
Refinancing continues to grow, with the data showing the number of owner-occupier loans refinanced between lenders rising 4.2% to 21,482 in the month. This remains below the record high of 28,132 in July 2023, although the November level was close to that seen in March 2022, just before the Reserve Bank commenced a series of cash rate rises.
