Lending for housing surges back

Housing lending advances

A bit of a turn-up, as the ABS reported home lending surging in July.

While still below the previous peaks, housing lending is up by a rapid +27 per cent from a year earlier.

Source: ABS

While housing prices have reportedly been easing in Melbourne, Canberra, Darwin, and Hobart, homebuyers have evidently been getting more active in the most populous states. 

Overall, owner-occupier lending was up by +3 per cent in July, and by +21 per cent over the year.

Source: ABS

Investor lending increased +5 per cent over the month and +35 per cent over the year.

While there's been plenty of discussion of landlords selling up in Victoria, on these numbers it looks like there are plenty of new landlords coming into the market as well.

Investors have also been coming back into the market with gusto in Sydney, Brisbane, and Perth by the looks of it.

Source: ABS

The average loan size hit a new record, but at least part of this is due to lower income earners being shut out of the market by lending restrictions.

While first homebuyer numbers were surprisingly robust, fuelled by government incentives and the bank of Mum and Dad, housing construction lending was again very disappointing, and declined further over the month.

James Foster ran through all the key details here.

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