A slowdown in interest rate rises has enthused more buyers to return to the market, with the number of new owner-occupier loans on the rise. Australian Bureau of Statistics lending figures show that new owner-occupier loans have returned to similar levels as pre-COVID levels.It also reveals that refinancing remains at unprecedented levels, as owners continue to shop around for better deals in the face of high costs of living. In August new loans to owner-occupiers rose by 2.5%.
The largest increase in August was in the Northern Territory, up 30.4%, followed by Tasmania, 17.9%, and South Australia, 12.9%. In Western Australia, new loans increased by 4.9%, Victoria, 4%, Queensland, 2.9% and News South Wales, 2.1%. The only region to record a drop in new loans is the ACT which dropped 3.3% in the past month. The ABS data also shows that the value of Australia’s housing stock increased by $325 billion to $10.090 billion in the June quarter.