Investor lending soared in Queensland in July, despite trending lower overall, according to data released this week by the Australian Bureau of Statistics (ABS).
The latest figures show that the value of new investor housing loans in Queensland rose 6.8% to $1.9 billion in July 2023.
ABS head of finance statistics Mish Tan said that the value of new housing investment loans in Queensland has risen 31% since February this year.
Nationally, however, lending to investors was down 0.1%, with mixed results reported across the other states and territories. Falls were recorded in NSW (down 0.8%), Victoria (2.6%), South Australia 2.6%, ACT (6%) and Western Australia 1.4%, while investor lending lifted in Tasmania and the Northern Territory (2.3% and 34.4%, respectively).
The value of new owner-occupier loans (excluding refinancing) fell 1.9% to $15.6 billion in July.
Owner-occupier lending fell in all states and territories: NSW down 0.4%, Victoria 3.7%, Queensland 3.6%, South Australia 5.2%, WA 3.9%, Tasmania 11.2%, NT 20.7%, and ACT 0.7%.
The value of refinancing between lenders rose 4.9% to a new record high of $14.6 billion in July. Anecdotal feedback suggests this may be partly driven by a portion of refinancing applications lodged before lenders ended attractive cashback offers on 30 June.
