Rising interest rates have not been enough to deter home buyers. Australian Bureau of Statistic lending figures show the value of new housing loan and investment loan commitments rose during May.

The value of new owner-occupier loans increased 2.1%, while investment loan commitments rose 0.9%.

Real Estate Institute of Australia president Hayden Groves says the number of new loan commitments to first-home buyers grew by 2.3% in May but was 31.6% lower than the same time last year when FHB stimulus packages were in place.

“These figures show first-home buyers keen to lock in mortgages as interest rate hikes loom,” he says.

According to CoreLogic, home sales are still 16% lower than they were a year ago.

National advertised stock levels are about 7% lower than 2021, in Sydney and Melbourne. In Adelaide advertised stock levels are 17% lower than last year and almost 40% below the five-year average, while in Hobart stock levels have lifted.