The value of new owner-occupier loan commitments for dwellings experienced a robust 10.1% growth through the year to November, while the number of these commitments also saw a substantial 7.3% rise, fresh ABS data showed.
“November saw continued growth in the value and number of new owner-occupier dwelling loan commitments, which rose 0.1% and 1% in the month respectively,” said Mish Tan (pictured above), head of finance statistics at ABS.
Value of new borrower-accepted loan commitments (seasonally adjusted)
November also saw a positive trend in the value of total new investor loan commitments, with a notable 1.9% increase for the month. Comparing this data to the same period last year, there was a significant 18% surge.
“The growth in owner-occupier and investor lending seen through 2023 was driven by the three states with the largest populations,” Tan said in a media release. “For both owner-occupiers and investors, New South Wales saw the most growth.”
The ABS data also revealed that the number of new owner-occupier first home buyer loan commitments rose by 3.5% in November, up 20.3% compared to the same month last year. The value of these commitments also experienced growth, rising by 2.8% for the month and 25.8% year-on-year.
The number of refinanced owner-occupier loan commitments between lenders increased by 4.2%, reaching 21,482 in November – slightly below the record high of 28,132 in July and comparable to the levels observed in March 2022, just before the Reserve Bank initiated a series of cash rate increases.
The ABS report also highlighted a 5.6% decline in the value of new loan commitments for total fixed-term personal finance, amounting to $2.4 billion. This decrease was largely attributed to a 5.4% fall in lending for the purchase of road vehicles.
For more detailed insights, read Lending Indicators, Australia.
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