GENERAL NEWS
AUSTRALIAN borrowers are signing up for bigger home loans than ever, as the average new owner-occupier mortgage reached a new record high over May...
According to the latest ABS lending data, May saw the average new owner occupier mortgage rise 0.04% to $626,055, which is a 2.4% increase since the RBA begin its rate...
“Higher house prices have seen the average loan in May blow out over the year by over $41,000, up 7.1% but still lagging CoreLogic’s reported median house price rise of 8.3 percent,”...
“With the number of new loans well above last year, it looks like borrowers aren’t exiting the market but are compromising a little on the house they’re buying.”...
The average new owner-occupier mortgage reached a new record highs in Queensland at $586,627, South Australia at $541,775 and Western Australia at $538,860. While Tasmania was...
Victoria was the only state to record a decline over the month, down 1.0% to $601,891 and down 5.6% since April 2022. This is well below the peak recorded in January 2022 at...
Over the last two years, buyers have seen their maximum borrowing capacity plummet, in some cases by hundreds of thousands of dollars, as a result of the RBA hikes, and yet the average new loan...
First home buyers are taking out fewer loans, falling 3.3% over May and up by just 3.7% over the year to 9,873 loans...
With owner-occupier loans falling $366 million or 2.0% to $18.13 billion and investor loans falling $137 million or 1.3% to $10.67 billion...
“The stalling of refinance makes no sense when the average borrower’s rate is a full 0.60 percent above the 5.80 percent lowest variable rate on Canstar for a 20 percent deposit loan...
“Unfortunately, there are borrowers who are too financially stressed to qualify for refinance, but there are also others who may have renegotiated with their bank a while back and...
“The bifurcation of the property markets continues to play out. Perth is running hot, while at the other end of the spectrum is a languishing Melbourne market,”...
“At the national level, we expect price momentum to temporarily fade in the back half of 2024. Interest rate cuts from early 2025, compounded by a sustained housing shortage...