Fresh housing loan data revealed a 1.0% rise in August, reaching $30.4 billion, according to the Australian Bureau of Statistics (ABS).
Mish Tan, head of finance statistics at the ABS, noted, “The value of new investor loans rose 1.4% to $11.7 billion, 34.2% higher than August 2023 and close to the previous peak in January 2022.”
Owner-occupier loans also saw modest growth, rising 0.7% to $18.7 billion, which is 16.8% higher than in August 2023.
State-by-state comparisons highlighted Queensland as the standout performer over the past year. Dr. Tan noted, “The total value of lending for housing in Queensland rose by just over 40% in the past 12 months. This $2.0 billion rise was more than any other state”
The number of first-home buyer loans for owner-occupiers declined by 1.5% in August, with 9,869 loans recorded. However, year-on-year, first-home buyer loans were still up by 9.2%.
In addition to housing, the value of new loan commitments for fixed-term personal finance rose 2.0% to $2.7 billion, a 15.3% increase compared to August 2023. Lending for the purchase of road vehicles grew by 0.6% in August.
Looking ahead, the ABS announced that its Lending Indicators publication will shift to a quarterly release starting in 2025. The last monthly report will be issued in November 2024, covering the September period, with the first quarterly report set for February 2025.