Analysis of ABS housing finance data by comparison site Finder shows Australian mortgage approvals jumped to pre-pandemic levels in July. The number of loans and the total value of loans in July were the highest since the start of 2020.
Graham Cooke, insights manager at Finder, says the figures signal fresh energy in the housing market.
“Plenty of Aussies are fired up about property again,” he says. “The housing market is also benefiting from the pent-up demand released with the restarting of auctions and inspections in several places. Aussies are unshakable in their love of housing.”
Other data from Aussie Home Loans shows that loans jumped by 71% from January to August 2020. August application numbers reached an all-time high — and it did so by doubling the previous record set in 2018, says James Symond, chief executive of Aussie Home Loans.
The research shows 11,018 first-home buyers have got a foot in the property market in July, which is 20% more than May.