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New home loans reach third-highest level in almost 20 years
By Fergus Halliday
02 July 2021
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1 minute read
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The ripe conditions of Australia’s property market find a new peak.
Low interest rates and ongoing growth in the housing market have fuelled another strong month for Australians looking to build their own home.
According to the Australian Bureau of Statistics, new housing loan commitments for investor housing rose 13.3 per cent in May 2021 to a high of $9.1 billion.
“The value of investor loan commitments rose 116 per cent in the year to May 2021, after falling to a 20-year low in May 2020,” ABS head of finance and wealth Katherine Keenan said.
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The rise in investor loan commitments was concentrated in New South Wales and Victoria which rose by 12.1 per cent and 17.4 per cent, in May 2021.
New loan commitments for owner occupiers rose 1.9 per cent to $23.4 billion, the highest level since the series began.
However, for the third consecutive month there were falls in the value of loan commitments for residential land and the construction of new dwellings.
While the number of loan commitments to owner occupier first home buyers fell 0.8 per cent to 15,050, it remained at historically high levels.
“First home buyer activity remained at high levels in New South Wales and Victoria. However, the number of first home buyers has fallen over the last few months in Queensland, Western Australia and South Australia, following the cessation of HomeBuilder and state government initiatives, such as the Building Bonus Grant in Western Australia”, Ms Keenan said.
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