Queensland borrowers drove home new lending in August, according to data released this week by the Australian Bureau of Statistics.
The latest figures show that the total value of new housing loans rose by 1% in August to $30.4 billion.
Lending to investors rose 1.4% to $11.7 billion, 34.2 per cent higher than August 2023 and close to the previous peak in January 2022.
The value of owner-occupier loans rose 0.7% to $18.7 billion, 16.8% higher than August 2023.
Owner-occupier lending lifted 2.6% in Queensland, 2.1% in South Australia, 1.9% in Tasmania, 0.5% in WA, 7.8% in the Northern Territory and 1.3% in the ACT but dropped in NSW (down by 1.4%), and Victoria (down 1.8%).
Comparing the latest results with August 2023, ABS head of finance statistics Mish Tan noted striking differences between states.
“Lending in Queensland grew strongly in the past 12 months and was the key driver behind the August increase”, Tan said.
“The total value of lending for housing in Queensland rose by just over 40% in the past 12 months.
“This $2.0 billion rise was more than any other state.”
The ever-volatile first home buyer sector also continues to fluctuate, with the number of owner-occupier loans falling by 1.5% to 9,869 in August compared to the previous month.
“First home buyer loans were 9.2% higher compared to last August but slightly down on July”, Tan said, adding that much of the growth compared to 2023 came from Queensland.
“Despite this, Victoria continued to have nearly one third of Australia’s first home buyers”, she added.
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