The average new mortgage in Australia has blown out by more than $80,000 during the past year.
New home loans fell by 4.3 per cent in August, the largest drop since the pandemic-induced lockdowns of 2020, according to the Australian Bureau of Statistics, caused by lockdowns in New South Wales and Victoria.
But in spite of the dip, the total value of owner-occupier and investor housing loans—now standing at $30.8 billion—is still up a massive 47.4 per cent compared to 12 months ago.
“While total lending is moderating, it is likely to stay far above pre-pandemic levels until the introduction of macroprudential controls (in late 2021-early 2022) ... that will see lending and dwelling price growth slow,” ANZ senior economist Adelaide Timbrell said.
“Despite this fall, the value of (owner-occupier) loan commitments was 34 per cent higher compared to a year ago and 53 per cent higher than pre-Covid levels in February 2020.”
In Queensland and South Australia, it rose by 2 per cent and 1.8 per cent respectively.
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