First home buyer loans hit 11-year high

Posted on October 12, 2020 by | 0 Comments
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First home buyers continue to surge on volume, with 12,302 first home buyers settling loans in August, equating to the highest monthly figure since October 2009.

This is according to the August 2020 Lending to Households and Business figures released today by the Australian Bureau of Statistics

Housing Industry Association Chief Economist Tim Reardon said the results are evidence of the short-term stimulus from HomeBuilder emerging in the housing finance data.

“This is particularly evident in the issuing of loans for the construction of new homes and in lending to first home buyers,” Mr Reardon stated.

“Not only does this data show that there has been an increase in the number of loans for the construction of a new home, there was also an increase in the purchase of residential land as well as new and established homes.

“There has been a substantial improvement in sentiment and confidence in the housing market.

“The increase in construction loans can be seen across all jurisdictions except for NSW. More leading indicators of building work entering the pipeline suggests that the pickup in building work in NSW has been slower, but it is emerging.”

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