Investors were increasing their market participation before the COVID-19 epidemic began to take its toll on the economy and the real estate sector, according to data from the Australian Bureau of Statistics (ABS).
Investor loans increased 3.4% in the three months to February. On an annual basis, the investor segment recorded a 6.3% financing gain.
"These results show that at least until the end of February, we were looking at solid home building activity in most regions in 2020," said Housing Economist Angela Lillicrap Industry Association (HIA).
The homeowner segment also recorded a substantial increase in overall mortgage lending, up 12.3% from last year. This development is explained by the 12.7% increase in loans for the purchase or construction of new houses.
"These results, along with other leading indicators such as new home sales and building approval data, continue to confirm that the housing market has reached a mid-point of 2019, "said Lillicrap.
The recent ABS figures also showed solid growth in building approvals during the month. On a trend basis, the number of approved dwellings increased by 1% over the month, driven by the construction of apartments.
"A significant increase in the number of apartments approved in February made up for the weakness in January," said Daniel Rossi, director of construction statistics at ABS.
Top suburbs:
geelong west
,
rockville
,
spring wood
,
lambton north
,
new farm
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