Australian home loan values rose 2.3 per cent in November following October figures, the Australian Bureau of Statistics revealed on Wednesday.
This is the second consecutive month the value of Australia home loan lending has risen, driven by an acceleration in owner-occupier demand. The number of first home buyer loans rose to a five-year high in November to account for 18 per cent, up from 17.6 per cent in October.
Home loan approvals surpassed market expectations which came despite APRA’s efforts to cool investor activity in the housing market.
[Related reading: Investors Drive Home Loan Approvals: ABS]
November’s figures put the total value of dwellings over $33.507 million; owner-occupied housing value rose to 2.7 per cent and investment housing 1.5 per cent.
The ABS said loans to first home buyers were driven mainly by changes to incentives made in July by the New South Wales and Victorian governments.