Data Snapshot: Housing Finance - Housing Demand Still Has Legs

  • Regulators and the Reserve Bank (RBA) will be paying close attention to the jump in the value of investor lending of 4.3% in August. The annual pace also spiked from 0.0% in July to 6.5% in August. The pace of investor lending will be watched in coming months to determine whether there is a renewed upswing in investor lending.
  • The number of owner occupier loans lifted for the fourth consecutive month, rising 1.0% in August. The annual pace of owner-occupier loans lifted to 7.5%, which was the strongest annual pace in 15 months.
  • Annual growth in owner occupier lending in NSW and Victoria strengthened, where policies have had a more significant impact in shifting demand from investors towards owner occupiers.
  • The proportion of first-home buyers (FHB) increased for the sixth consecutive month. The growth reflecting the stamp-duty exemptions and concessions recently introduced, particularly in NSW and Victoria. The proportion of FHBs nationally increased from 16.6% to 17.2% in August, the highest in four years. 
  • Overall housing demand remains buoyant. There continues to be a shift in demand from investors towards owner occupiers and first-home buyers, but regulators will be watchful as to whether the resilience in investor demand continues. If investor demand picks up, APRA has warned that more could be done. 
  • We expect that housing conditions will continue to cool, but there should continue to be underlying support for housing demand. 


Please see the attached report for more information.




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