Home lending rose 12.6% in August, the highest monthly figure since January 2018. The latest data from the ABS shows that annual growth in home loans was 19.3%, confirming that the housing market has held up strongly against the pandemic impacts.
The largest increases in new mortgage commitments for owner-occupiers were in Victoria, Queensland and New South Wales.
“The evidence continues to mount that Australia’s housing market is going to come through the Covid 19 pandemic largely unscathed,” says the latest CBA Economics report.
RateCity.com.au research director Sally Tindall says the value of new loans was actually higher in August than it was in March.
“Owner-occupiers led the way with the value of new loans increasing 13.6% from the previous month and 29.2% year-on-year,” she says.
First-home buyers were at their highest level in over a decade as well, with a total of 12,302 FHBs settling loans in August, the biggest monthly number since October 2009.