Strong property market drives record home loan activity
Home loan activity reached a record high in December, according to the latest data from the Australian Bureau of Statistics, in a sign the property market remains strong.
Australians committed to $32.8 billion of mortgages in December, which was 4.4% higher than the month before and 26.5% higher than the year before. The breakdown was:
- Owner-occupier loans = $22.5 billion (up 5.3% monthly, 12.4% annually)
- Investor loans = $10.3 billion (up 2.4% monthly, 73.9% annually)
One reason so many Australians are entering the market is because it’s been booming over the past year.
Another is that despite speculation that interest rates might increase later this year, rates are at ultra-low levels and would still be very low even with a rate rise.
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