Key Home Loan Statistics
The home loan statistics in July 2023, new loan commitments showed the following changes in seasonally adjusted terms:
1. Housing commitments experienced a 1.2% decrease.
2. Personal fixed term loans saw a notable rise of 4.7%.
3. Business construction commitments, which are typically subject to higher volatility, witnessed a significant decrease of 21.5%. Additionally, in trend terms, they fell by 0.4%.
4. Business purchase of property commitments, also known for their volatility, dropped by 5.1%. However, in trend terms, they experienced a slight increase of 0.7%.
Housing Finance
In July 2023, in seasonally adjusted terms, the value of new loan commitments demonstrated the following trends:
1. Total housing commitments experienced a 1.2% decrease, amounting to $24.2 billion. This followed a 1.6% decrease in June and marked a 14.1% drop compared to the previous year.
2. Owner-occupier housing commitments fell by 1.9% to $15.6 billion, showing a 17.5% decrease compared to the same period last year.
3. Investor housing commitments saw a marginal decline of 0.1%, totaling $8.6 billion. They were 7.2% lower compared to a year ago.
In July 2023, in seasonally adjusted terms, the value of external refinancing demonstrated significant growth:
1. Total housing refinancing experienced a substantial increase of 5.4%, reaching a new record high of $21.5 billion. This represented a remarkable 21.8% surge compared to the previous year.
2. Owner-occupier housing refinancing saw a noteworthy rise of 4.9%, setting a new record high at $14.6 billion. This reflected a notable 19.2% increase compared to a year ago.
3. Investor housing refinancing surged by 6.5%, totaling $7.0 billion. This marked an impressive 27.4% increase compared to the figures from the previous year.
Housing Finance (detailed)
In July 2023, in seasonally adjusted terms, the value of new loan commitments displayed distinct trends:
1. Commitments for owner-occupiers experienced a 1.9% decrease, following a 3.1% decline in June.
2. Commitments for investors saw a marginal decrease of 0.1%, contrasting with a 1.3% increase observed in June.
In July 2023, in seasonally adjusted terms for owner-occupier housing, the value of new loan commitments revealed the following changes:
1. Commitments for the purchase of existing dwellings decreased by 0.4%, and they were 14.5% lower compared to the previous year.
2. Commitments for the construction of new dwellings fell by 5.7%, marking a significant 35.3% decrease compared to the figures from a year ago.
3. Commitments for the purchase of new dwellings dropped by 1.2%, indicating a 13.8% decrease compared to the same period last year.
In July 2023, in seasonally adjusted terms for owner-occupier housing, the value of new loan commitments exhibited varied regional trends:
1. Victoria saw a decline of 3.7%.
2. Queensland experienced a 3.6% decrease.
3. Western Australia witnessed a 3.9% drop.
4. South Australia recorded a significant decrease of 5.2%.
5. Tasmania reported a substantial decline of 11.2%.
6. New South Wales saw a modest decrease of 0.4%.
7. The Northern Territory experienced a notable decrease of 20.7%.
8. The Australian Capital Territory also recorded a slight decrease of 0.7%.
Note: It is important to recognize that the Tasmania, Northern Territory, and Australian Capital Territory series are smaller and generally exhibit higher volatility.
In July 2023, in seasonally adjusted terms for investor housing, the value of new loan commitments demonstrated diverse regional trends:
1. In Victoria, there was a decline of 2.6%.
2. New South Wales experienced a modest decrease of 0.8%.
3. South Australia saw a decrease of 2.6%.
4. The Australian Capital Territory reported a significant decrease of 6.0%.
5. Western Australia witnessed a decline of 1.4%.
Conversely:
1. Queensland saw a substantial rise of 6.8%.
2. The Northern Territory experienced a notable surge of 34.4%.
3. Tasmania reported a moderate increase of 2.3%.
It’s worth noting that the Tasmania, Northern Territory, and Australian Capital Territory series are smaller and typically exhibit higher volatility.
In July 2023, in original terms:
1. Total new variable rate loan commitments funded in the month experienced a notable decline of 11.1%.
2. Conversely, the value of total new fixed rate loan commitments funded in the month saw a positive increase of 4.2%.
In July 2023, in original terms, average loan sizes for owner-occupier dwellings, encompassing construction, purchase of new dwellings, and existing dwellings:
1. Increased by 2.2% nationally, reaching $593,000 from $580,000.
2. Notably, this figure stood at 23.6% higher compared to the pre-pandemic average observed in February 2020.
- Please note that while the series graphed above are joined between the available data points, there may be missing data points in between which are not available for publication.
First Home Buyers
This month, the number and value of new loan commitments to first home buyers are unavailable due to ongoing data reporting issues. The publication of these series has been temporarily suspended as the ABS and APRA collaborate with data providers to address the problem swiftly. It is advised to exercise caution when utilizing first home buyer data from the preceding 12 months.
