Reflecting confidence in the property market and a premium on home-living during the COVID-19 pandemic, owner-occupied buyers dominated the home loan commitments, accounting for $18.3 billion of the new committed lending, though there are signs of investor activity re-emerging in NSW and QLD.
The level of housing loan approvals could rise further with Victorian activity lagging other states given Victoria came out of lockdown in mid-October.
Loan approvals for construction have also risen strongly, up 5.6% in November and up some 75% since July following the Government’s HomeBuilder grant and individual state incentives, particularly in WA.
Overall the data suggests a strong lift in housing market activity, while the lift in construction finance should see a further support for detached dwelling construction.
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The surprisingly strong lift in housing market activity should also flow through to stamp duty revenue for Australian state governments.
Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on in 2021
If you're wanting to take advantage of the new property wave you are not alone, but now more than ever careful property planning and selection is critical.
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