THE value of new housing loans in Australia has surged to $27.6 billion, marking a 17.9 per cent increase since March 2023, according to the latest data from the Australian Bureau of Statistics.<\/p>\n
In March alone, these figures saw a 3.1 per cent rise, driven by a significant uptick in the average loan size. This rise correlates closely with the increase in house prices over the past year.<\/p>\n
“The value of new loan commitments is a product of the size of loans being approved and the volume of loans,” Australian Bureau of Statistics head of finance statistics Dr Mish Tan said.<\/p>\n
“The rise in the value of new home loans over the past year reflected increases in the average loan size, in line with rising house prices over the same period.<\/p>\n
“Meanwhile, in original terms, the number of loans reaching the final commitment stage is broadly similar to a year ago.”<\/p>\n
Investor loans also showed a notable increase, with a 3.8 per cent rise in March, reaching $10.2 billion.<\/p>\n
This represents a significant 31.1 per cent increase since March 2023.<\/p>\n
Dr Tan also highlighted the growth in the investor sector.<\/p>\n
“Since March 2023, there has been relatively strong growth in investor loans, with increases in both the number, by around 11 per cent, and the average loan size, up around 8 per cent, in original terms,” he said.<\/p>\n
“This aligns with historically low vacancy rates over the same period, and CPI rental prices rising 7.8 per cent annually to March quarter 2024.”<\/p>\n
For owner-occupiers, excluding first home buyers, loan values rose by 2.1 per cent to $12.3 billion, marking an 8.8 per cent increase over the year.<\/p>\n
Meanwhile, first home buyer loans experienced a 4.4 per cent increase to $5.2 billion, a growth of 17.9 per cent since last year.<\/p>\n","protected":false},"excerpt":{"rendered":"
THE value of new housing loans in Australia has surged to $27.6 billion, marking a 17.9 per cent increase since March 2023, according to the latest data from the Australian Bureau of Statistics. In March alone, these figures saw a 3.1 per cent rise, driven by a significant uptick in the average loan size. This […]<\/p>\n