Lending surges
CoreLogic reported that housing prices rose in October, and the latest lending figures suggest there's more to come.
Investor lending rose another 5 per cent in September, but remains modest overall.
But homebuyers are driving the rebound, with owner-occupier lending rising to historical highs, excluding refinancing.
First homebuyer numbers understandably fell in Victoria, but are flying elsewhere.
In Queensland first homebuyer numbers are up 70 per cent year-on-year; in New South Wales, it's a 40 per cent increase.
Overall first homebuyers accounted for 35 per cent of owner-occupier commitments as numbers soared beyond 13,000 to an 11-year high.
The market is clearly still being driven by homebuyers, not investors.
While there was a decline in homebuyer lending in Victoria, elsewhere activity has surged.
With responsible lending obligations to be wound back, the growth in mortgage lending suggests we should expect to see double-digit gains for house prices in most capital cities over the coming 12 months.
