Australia’s mortgage market climbed to another record high in November, as rising property prices continued to power loan growth across the banks.
Canstar analysis of the latest APRA monthly banking statistics shows residential mortgages among authorised deposit‑taking institutions (ADIs) reached $2.41 trillion, up 0.67% over November and 6.36% over the year.
CBA posted the largest monthly increase in dollar terms, expanding its book by $4.6 billion in November (0.76%). Macquarie Bank continued its rapid expansion, with mortgages rising $3.6 billion for the month (+2.32%), contributing to an annual increase of almost 24%.
ANZ recorded its smallest monthly uplift since April 2022, adding just $189 million in November, or 0.06%.
CBA remains the largest mortgage lender with $611.5 billion in residential mortgages, or 25% market share, followed by Westpac on $498.5 billion (21%), NAB on $341.7 billion (14%), and ANZ on $321.5 billion (13%). Macquarie holds around 7% of the market with $160.8 billion in loans.
Canstar.com.au data insights director Sally Tindall (pictured) said the latest numbers underline both the resilience of the housing market and the growing challenge to the majors.
“The mortgage market posted another robust result in November, growing to a record high of $2.41 trillion, fueled by a property market that’s largely refused to cool,” Tindall said.
“CBA and Westpac recorded strong monthly gains of almost 0.8%, however, ANZ largely treaded water in November, recording its smallest monthly increase since April 2022.
“While the big four banks continue to hold the lion’s share of mortgages, Macquarie remains the standout challenger. With an annual growth rate of nearly 24%, Macquarie is chipping away at the dominance of the majors by offering an alternative that clearly resonates with borrowers.
“Canstar analysis of the APRA data shows six years ago, the majors held 78.3% of all residential mortgages from the banks. Today, that’s slipped down to 73.6%. While this won’t be enough for the majors to hit the panic button, Macquarie’s consistent performance is rattling the cage.”
The continued expansion in mortgage balances is being underpinned by a strong rebound in dwelling values. Cotality’s Home Value Index rose 8.6% in 2025 – the biggest calendar‑year increase since 2021.
While the prospect of interest rate hikes in 2026 has tempered some house price forecasts, Canstar’s analysis of Westpac projections using Cotality data still points to solid gains across the capitals.
If prices rise in line with Westpac’s forecasts, the median Sydney house price could lift by about $79,385 in 2026 to $1,667,094. Perth and Adelaide house medians are projected to break the $1 million mark, while Melbourne, Brisbane and Hobart are also expected to post further increases across both houses and units.
For existing borrowers, further price growth is likely to support equity and refinancing activity.
For first‑home buyers, however, higher values combined with possible cash rate hikes could make 2026 even tougher.
Canstar estimates that if RBA delivers two cash rate hikes this year, a single borrower on the average wage could see their maximum borrowing capacity fall by around $24,000, from $545,000 to $521,000, assuming minimal expenses and no dependants.
“A couple of RBA hikes could take some heat out of the property market by putting a handbrake on the maximum amount people can borrow from the bank, however, it’s unlikely to send prices in reverse,” Tindall said.
“Increasing demand for properties, spurred on by the uncapping of the government’s Home Guarantee Scheme and a continued strain on supply, is likely to push prices up even in the face of cash rate hikes.
“First-home buyers looking for a way in should prioritise saving a solid deposit and give their budget plenty of wiggle room.
“Borrowing every last dollar the bank will lend you comes with risks. Understand what your mortgage repayments would look like if rates rose 3 percentage points further and make sure you’re 100% comfortable paying that money on your current wage.”
Brokers now face a split-rate outlook for 2026, with some economists warning of fresh RBA hikes while Westpac and other majors still project multiple cuts over the next 18 months.
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