Home loan activity falls but remains well above long-term average
There are still a lot of active buyers in the property market, judging by the latest home loans data from the Australian Bureau of Statistics.
Borrowers signed up for $28.4 billion of new home loans in July. That was 11.3% lower than the previous year but 47.3% higher than the average over the previous 15 years.
So while conditions are much more buyer-friendly than they were during the recent property boom, there’s still quite a bit of buyer competition, especially for quality homes.
Meanwhile, refinancing activity is close to record-high levels.
Borrowers refinanced $17.9 billion of home loans through new lenders in July – which was not only 7.6% higher than the year before but also the second-biggest refinancing month in history.
With interest rates rising, many people realise how important it is to be on a lower-rate loan, so they’re shopping around.
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