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Where Lending is Highest

Where Lending is Highest

Buyers are continuing to target the Perth market, despite analysts expressing concerns it has reached its peak.

The Commonwealth Bank’s State & Territory Quarterly Perspective (June 2024) says Western Australia recorded the strongest total lending in the past 12 months, which was up by 39% with investor lending also up by 70.5%.

New South Wales was next with total lending up 31.8%, followed by Queensland up 28.5%, Victoria, 17.5%, ACT, 9.8% and Tasmania 0.2%.

The report says investor lending is also strong in Queensland (46.4%), South Australia (44.6%), and NSW (43.9%).

In Victoria, which introduced higher taxes for investors last year, investor lending was only up by 16.6% - the weakest level in Australia.

The report says despite recent demand and price increases Perth’s housing market remains more affordable than other capital cities.

It also says affordability has improved in Melbourne as it has built more homes than other states and has higher levels of property listings.

Price growth in Brisbane led the report to label it as the “second worst in the country” (behind Sydney) in terms of affordability.

Affordability also eased off in parts of Adelaide with homes more expensive to buy relative to income than in Melbourne.

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