Homebuyers return to Sydney
The value of housing finance commitments continued to rebound in November, to be up 18 per cent since the election.
The rebound has overwhelmingly been driven by homebuyers to date, although investor finance has begun to increase as well, to as 12-month high.
Owner-occupier lending, ex-refi, was up 10 per cent year-on-year, with financing increasing every month since May, and the pace of increase at a 2-year high.
Owner-occupier lending, ex-refi, was up 10 per cent year-on-year, with financing increasing every month since May, and the pace of increase at a 2-year high.
Despite the rebound in investor activity, it's still down year-on-year, but nearly 30 per cent higher than at the trough (h/t James Foster Macro).
The number of first homebuyer commitments dipped in November, ahead of the deposit scheme which commenced on 1 January 2020.
The owner-occupier rebound was driven by a 28 per cent increase since May in New South Wales.
Victoria (up 17 per cent) and Queensland (up 17 per cent) have also posted a solid rebound.
Overall, activity is on the rise, while existing homeowners are finding ways to pay down debt faster.
Robust wages is growth the missing piece of the puzzle, of course.
