Key Statistics
In June 2023, there were notable shifts in new home loan statistics / commitments (seasonally adjusted):
1. Housing loan commitments experienced a 1.0% decrease.
2. Personal fixed term loans saw a notable decline of 6.8%.
3. Business construction loans, known for their volatility, fell by 12.3%. However, when considering the trend, there was a modest 0.8% increase.
4. Business purchases of property, also known for their volatility, experienced a significant drop of 11.4%. Nevertheless, in trend terms, there was a 1.3% rise.
Housing Finance
In June 2023, considering seasonally adjusted data, there were distinctive patterns in the value of new loan commitments:
1. Total housing loan commitments experienced a 1.0% decrease, amounting to $24.6 billion, following a 5.4% increase in May. However, these figures were still 18.2% lower compared to the same period the previous year.
2. Owner-occupier housing loan commitments fell by 2.8% to reach $15.9 billion, marking a 19.9% decline compared to the previous year.
3. In contrast, investor housing loan commitments showed a 2.6% increase, totaling $8.7 billion. Nonetheless, this was still 15.0% lower compared to the previous year.
In June 2023, considering seasonally adjusted terms, there were distinct shifts in the value of external refinancing:
1. Total housing external refinancing experienced a 3.1% decrease, amounting to $20.2 billion. Nevertheless, this figure was 12.6% higher compared to the previous year.
2. Owner-occupier housing external refinancing fell by 2.4% to reach $13.7 billion, marking an 11.0% increase compared to the previous year.
3. Similarly, investor housing external refinancing showed a 4.5% decrease, totaling $6.4 billion. However, this was still 16.2% higher compared to the previous year.
Housing finance (detailed)
In June 2023, when considering seasonally adjusted data, there were distinct changes in the value of new loan commitments:
1. Owner-occupier loan commitments saw a 2.8% decrease, following a 5.1% increase in May.
2. Investor loan commitments, on the other hand, experienced a 2.6% rise, following a 5.9% increase in May.
As of June 2023, in seasonally adjusted figures for owner-occupier housing, the value of new loan commitments showed the following trends:
1. Acquisitions of existing dwellings experienced a 4.4% decline, marking an 18.8% decrease from the previous year.
2. The construction of new dwellings saw a 2.5% increase, yet it remained 33.1% below the figures from a year prior.
3. Purchases of new dwellings dropped by 1.2%, reflecting a 14.8% decrease compared to the same period last year.
In June 2023, in seasonally adjusted terms for owner-occupier housing, the value of new loan commitments exhibited varied trends across different regions:
1. New South Wales witnessed a 3.9% decrease.
2. Victoria experienced a 1.4% drop.
3. Tasmania saw a significant decline of 12.6%.
4. South Australia recorded a decrease of 3.3%.
5. The Australian Capital Territory reported a 3.0% reduction.
6. The Northern Territory saw a slight decline of 0.3%.
On the other hand:
1. Queensland saw an increase of 0.6%.
2. Western Australia saw a marginal rise of 0.04%.
In June 2023, in seasonally adjusted terms for investor housing, the value of new loan commitments demonstrated distinct trends across various regions:
1. New South Wales experienced an increase of 3.2%.
2. Queensland saw a notable rise of 5.4%.
3. Western Australia witnessed a significant surge of 7.3%.
4. Victoria recorded a moderate increase of 1.3%.
5. In the Australian Capital Territory (a smaller and typically more volatile series), there was a substantial rise of 12.8%.
6. Tasmania reported a growth of 3.0%.
Conversely:
1. South Australia saw a decline of 5.1%.
2. The Northern Territory experienced a decrease of 3.1%.
In June 2023, in original terms:
1. The value of newly funded variable rate loan commitments for the month experienced a 1.7% decrease.
2. New variable rate loan commitments specifically for first-time homebuyers saw a 2.1% increase in funding for the month.
3. The funding for new fixed rate loan commitments in the month showed a significant surge of 70.8%.
4. New fixed rate loan commitments tailored for first-time homebuyers experienced a notable increase, rising by 35.8% in funding for the month.
In June 2023, in original terms, the average loan sizes for owner-occupier dwellings, encompassing construction, purchase of new dwellings, and existing dwellings:
1. Experienced a 0.8% decrease at the national level, dropping from $585k to $580k.
2. Notably, this figure was 20.9% 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
As of the July 2023 release, the figures regarding the number and value of new loan commitments extended to first home buyers have been withheld due to reported data complications. Both of these data series have been temporarily put on hold while the ABS and APRA collaborate with data providers to rectify the issues promptly. It is advised to exercise caution when utilizing the first home buyer data from this month’s report, as well as from earlier months.
In June 2023, in seasonally adjusted terms for owner-occupier first home buyers, the number of new loan commitments exhibited diverse trends:
1. Nationally, there was a 0.8% decline, amounting to 8,239 commitments. This followed a 2.7% increase in May, but was notably 12.2% lower compared to the previous year.
2. New South Wales experienced a significant drop of 5.1%.
3. In the Northern Territory (a smaller and typically more volatile series), there was a substantial decrease of 37.7%.
4. Western Australia saw a modest decrease of 0.8%.
5. Tasmania witnessed a notable decline of 6.3%.
6. The Australian Capital Territory recorded a slight decrease of 0.5%.
Conversely:
1. Victoria saw a considerable rise of 2.6%.
2. Queensland experienced a modest increase of 0.6%.
3. South Australia recorded a similar modest increase of 0.8%.
