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Surge in lending showcased in July
The value of lending commitments to households rose by 3.9 per cent in July 2019, as new investors entered the property market, the latest official figures have highlighted.
Surge in lending showcased in July
The value of lending commitments to households rose by 3.9 per cent in July 2019, as new investors entered the property market, the latest official figures have highlighted.
New data from the Australian Bureau of Statistics (ABS) has shown that investment in owner-occupier dwellings, excluding refinancing, increased by 5.3 per cent in July, according to seasonally adjusted figures.
It was the strongest commitment to households since October 2014, according to the ABS chief economist Bruce Hockman.
The value of lending for owner-occupier dwellings rose 5.3 per cent nationally in July, with increases occurring in all states and territories except for Tasmania.
Lending for investment dwellings saw a similar jump, rising 4.7 per cent in July with improvements across all states and territories.
Despite the strong figures, Mr Hockman did note that lending figures are still down from the 2017 peak.
“For the second month in a row, there were particularly strong increases in the level of new lending commitments for owner-occupier and investment dwellings,” he stated.
According to the statistics, the number of loans to owner-occupier first home buyers rose for the fourth consecutive month in July (up 1.3 per cent).
For the first time in seven months, this was outpaced by a rise in the number of loans to non-first home buyers (up 4.0 per cent).
Personal finance fell 2.6 per cent in July following a 5.0 per cent rise in June. The July figure was down 8.9 per cent from its positioning in July 2018, it was reported.
The value of new lending commitments to businesses also fell 1.3 per cent in July, but in contrast with personal finance figures, was up 1.5 per cent compared to 12 months ago.
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