New housing loans to investors experienced a 1.2% increase in February, indicating a continued interest and confidence in the property market among investors, according to the latest data from the Australian Bureau of Statistics.
Mish Tan (pictured above), ABS head of finance statistics, emphasised the significance of the increase.
“The value of new investor loans in February was 21.5% higher compared to a year ago,” Tan said. “This made up over half of the growth in total new loan commitments over the past year.”
The ABS report also showed that the value of new owner-occupier loans saw a 9.1% increase from the previous year, with first-home buyer loans jumping 20.7% over the same period. The total number of new owner-occupier loans grew by 0.9% in February, with first-home buyer loans seeing a 4.3% increase, marking a 13.2% rise year-on-year.
In the realm of personal finance, the value of new loan commitments for total fixed-term personal finance saw a slight decline of 0.9% to $2.4 billion, primarily due to a 2.7% drop in lending for the purchase of road vehicles, ABS reported.
View Lending Indicators, Australia for more information. For the media release, visit the ABS website.
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