AUSTRALIA DATA
New lending for housing is strong and remained so in April. It rose a stronger than expected 4.8% m/m, the third consecutive monthly rise, to be up 24.6% y/y, the highest since December 2021. Robust demand from strong population growth and rising house prices and rents are pushing up loan values.
- The value of lending for owner occupiers rose 4.3% m/m to be up 18.7% y/y but this was outpaced by investors rising 5.6% m/m to be up 36.1% y/y. Both types of borrowers are seeing double-digit 3-month momentum.
- The ABS notes that robust lending to investors “reflects expectations of higher rental yields and the greater borrowing capacity of investors”. Loans have been growing very strongly in NSW and Queensland at close to 50% y/y.
- The value of loans to first time home buyers rose 3.4% m/m to be up 18.6% y/y. The number of loans rose 3% m/m to be up 10.8% y/y.
- Personal loan values rose 0.8% m/m due to a 1.2% rise in car loans.
Australia value of home loans y/y%
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