Data Snapshot: Housing Finance - Show Me The Money

Good afternoon,

 

The key points in this report are:

 

  • The value and number of new home loans surged in December. Owner-occupiers led the increase, as they have done for much of the recent recovery.
  • On the back of surging house prices and increasing fears of missing out (FOMO), the value of new home loans (excluding refinancing) rose 4.4% in December. A 5.1% jump in the value of loans to owner-occupiers drove the result. The value of new investor loans rose 2.8%.
  • The number of new loans (excluding refinancing) to owner-occupiers increased 3.5% in December. On an annual basis, loans to owner-occupiers turned positive, increasing 3.5% over the year.
  • The number of loans to construct a dwelling rose 5.1% in December, bouncing back from an 8.5% fall in November. Lending for this purpose has been volatile in recent months, but has shown tentative signs of improvement, rising in three of the past four months.
  • During his semi-annual testimony to parliament, and in other RBA communication last week, Governor Philip Lowe made it clear that the Bank was carefully watching housing lending for signs that credit growth was starting to run too hot. Today’s data show that the looser policy stance by the RBA since June is having a clear impact on housing prices and lending.

 

 

Please see the attached report for more information.



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