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.
The surprisingly strong lift in housing market activity should also flow through to stamp duty revenue for Australian state governments.
Interestingly re-financing activity appears to have peaked, though re-financing activity remains high.
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.
You can trust the team at Metropole to provide you with direction, guidance and results.
In “interesting” times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that's what you exactly what you get from the multi award winning team at Metropole.
If you're looking at buying your next home or investment property here's 4 ways we can help you:
- Strategic property advice. - Allow us to build a Strategic Property Plan for you and your family. Planning is bringing the future into the present so you can do something about it now! This will give you direction, results and more certainty. Click here to learn more
- Buyer's agency - As Australia's most trusted buyers’ agents we've been involved in over $3.5 Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective - that's something money just can't buy. We'll help you find your next home or an investment grade property. Click here to learn how we can help you.
- Wealth Advisory - We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
- Property Management - Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.
