Invest
Home loan demand continues to tumble
The latest drop in home loan demand is a continuation of an 18-month decline, according to the latest data.
Home loan demand continues to tumble
The latest drop in home loan demand is a continuation of an 18-month decline, according to the latest data.
New ABS data reveals that home loan approvals took a 3 per cent hit from July, down to 53,109 approvals for August.
The overall value of home loans fell to a total of $31.4 billion, still down more than 5 per cent from its peak in April 2015, while investor lending fell 18.5 per cent on the same high.
Mortgage Choice chief executive John Flavell says these falls were occurring across the housing board.
“This drop could largely be attributed to a fall in both the number of home loans written for the purchase of new dwellings as well as the purchase of established dwellings,” Mr Flavell said.
According to the QBE Housing Outook report, investors entering the residential market has dropped, with investors making up 44 per cent of all residential loans, down 7 per cent on last year.
That's likely to improve housing affordability according to QBE lenders' mortgage insurance chief executive Phil White.
“It’s expected owner occupiers, including first home buyers, will be stepping in to pick up some of this opportunity in the market," he said.
Loans for established dwellings especially took a hit in August, experiencing a drop of 3.9 per cent on the previous month
Despite this, Mr Flavell remained confident that other factors would correct this dip in the coming months.
“It wasn’t all bad news however, with the number of home loans for the construction of new dwellings rising 3.7 per cent over the course of the month,” he said.
“Spring is a notoriously hot selling season [and] this, combined with the fact that interest rates continue to sit at record lows, I would not be surprised to see an uplift in the number of home loan approvals between now and the end of the year.”
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more