CANBERRA, AAP – New lending for housing rose 3.7 per cent in April to a new record high of $31 billion.
The value of new loans for investor housing rose 2.1 per cent to $8.1 billion in April, the highest level since mid-2017, the Australian Bureau of Statistics reported on Friday.
The value of new loan commitments for owner occupier housing rose 4.3 per cent to $23 billion in April.
This rise was driven by a 9.2 per cent rise in the value of loan commitments for existing dwellings.
The value of owner occupier loan commitments for the construction of new dwellings fell 11.4 per cent.
It was the second fall since the HomeBuilder grant – which has now ended – was introduced in June 2020.
The ABS said an 8.6 per cent rise in New South Wales and an 8.4 per cent rise in Victoria accounted for most of the rise in owner occupier housing loan commitments across the country.
At the same time, loan commitments in WA fell 7.9 per cent, after a fall of 5.1 per cent in March.
The Building Bonus Grant, which was offered in WA in addition to the federal HomeBuilder grant is set to stop at the end of the year.
The value of new loans for fixed term personal finance rose 4.8 per cent, driven by lending for personal investment which rose 25.2 per cent and for road vehicles which was up 3.6 per cent.
In the business sector, the volatile construction loan index fell 10.5 per cent, while the value of loans for the purchase of property rose 27.8 per cent.