New housing loan commitments hit an all-time high of $ 22.7 billion in October, up 0.7% from the previous month and up 23.3% from the previous month. year over year, according to seasonally adjusted figures from the Australian Bureau of Statistics (ABS).
First-time homeowner (FHB) loan commitments accounted for over a third, or 35.3%, of all homeowner commitments, up 3.4% from the previous month , the value having jumped 3.1% from September.
Data also showed the number of loans to FHBs was 30% higher than in any pre-COVID-19 month since 2009, when FHB incentives were tripled in response to the crisis global financial.
In a statement, the ABS said a combination of government stimulus, including the HomeBuilder grant, and low interest rates has pushed more FHB into the market. the real estate market.
According to the report, the value of homeowner construction loans rose 10.9% to $ 2.85 billion in October. The figures represented an 85.5% year-over-year increase and 65.6% since July, when the quarantine measures were introduced.
The findings follow Canstar's 2020 Consumer Pulse report, which shows that 10% of Australian adults currently prioritize saving for a home.
"With the rise of first-time buyers and loans for new construction, political leaders should welcome measures to support COVID-19 for these sectors," said Steve Mickenbecker, director of the service group financials at Canstar.
"Data on October ABS lending commitments shows Australia is heading into a housing-induced recovery, which is expected to strengthen in the coming months now that Victoria has opened its doors. ”
However, according to ABS data, the value of external refinancing was down 7.1% from the previous month, but up 22.9% from October of last year. Mortgage holders refinanced $ 12.1 billion in home and investment loans last month.
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