Lender records were broken in every state and territory except WA, according to the ABS data
Purchases by NSW owner occupiers came with mortgages sat at around $770,000, according to the latest lending data.
The national average mortgage size for owner-occupiers has reached a record high of $595,568 according to ABS data.
Records were broken in every state and territory except WA.
The national mortgage was up $92,404, an 18% hike over the year.
The November ABS Lending Indicators, released 14 January, advised the loans were for the purchase of new and existing dwellings.
The national average mortgage size for owner-occupiers has reached a record high of $595,568 according to new ABS data out today.
Records were broken in every state and territory except WA, according to the ABS data in original terms.
Victorian home buyers saw the biggest jump in their mortgages, up 24% or $120,000 to $618,602.
Average new owner-occupier mortgage size, November 2021
Amount Year-on-year change
$595,568 $92,404 18.4%
$769,459 $125,112 19.4%
$618,602 $120,032 24.1%
$513,649 $73,604 16.7%
$439,578 $22,868 5.5%
$421,801 $38,016 9.9%
$585,859 $58,434 11.1%
$445,915 $73,175 19.6%
$433,333 $53,271 14%
“Demand for Aussie housing remains firm, but affordability has decreased because home prices have surged more than wages,” Ryan Felsman, senior economist at CommSec noted.
“In November housing stock was high and the country’s two largest states were freshly out of lockdown, so it’s no surprise to see a rise in new lending,” RateCity.com.au research director, Sally Tindall, said.
“Growth in property prices is starting to slow on the back of fixed rate rises and a crackdown by the regulator, but the opening up of borders this year will increase demand, keeping prices moving north,” she forecast.
The data did not include refinancing, nor renovation loans.
Renovation loans surged by 18 per cent in November to a record $569 million. The value of lending for renovations is up by a massive 115 per cent on a year ago.
Canstar analysis showed Australian mortgage holders refinanced $15.72 billion worth of loans to a new lender in November 2021, down 2.3% from October.
Article Source: www.urban.com.au