We’re Borrowing More
Rising property prices mean we are borrowing more than ever to finance our dreams of homeownership according to the latest ABS Figures.
Queensland’s new record home loan size is now, $572,439, South Australia, $519,478, and Western Australia, $509,275.
The amount being borrowed dropped in Victoria by almost $25,000 to $613,018 and it was slightly down in New South Wales to $785,405 (it peaked at $803,235 in January 2022).
According to the ABS, there have been 732,385 mortgages refinanced since interest rates began rising.
Australians are borrowing more to keep up with rising prices according to PropTrack senior economist Angus Moore. He says prices will continue to rise in 2024, although potentially at a slower pace than in 2023.
“A more stable interest rate environment, coupled with ongoing population growth and a low level of new building activity, will support home price growth this year,” Moore says.
The median value of all dwellings in capital cities in Australia is more than $800,000 while nationally the median value of homes and units is $760,000, according to PropTrack.
