The ABS reveals a surge in loans for investor housing, with a 6% monthly increase in November and 4% growth in the year to November.
Overall, the ABS reported a record-high total value of new loan commitments for housing, with annual growth of 23.7% – with owner-occupier home loans leading the upward charge with a 31% annual rise.
The sum of new loans for housing in November stood at $24 billion, recording a seasonally-adjusted monthly growth of 5.6%.
ABS head of finance and wealth, Amanda Seneviratne, says: “Loan commitments for existing dwellings rose 5.9% and were the largest contributor to the rise in November. The value of construction loan commitments grew 5.6% in November, rising 75% since July. This follows the implementation in June of the Government’s HomeBuilder grant.”
Other Federal and State Government incentives and low-interest rates are also believed to have propped up the continuing growth in new housing loan commitments, she says.