ABS data reveals a record breaking month for October

ABS data released yesterday reveals why property values have been taking off since October as the economic & property upturn continues at record pace.
Here are the highlights!
  1. New total loan commitments reached a record high as people cash in on record low rates & property values at 2017 levels or earlier in the mining states such as WA & NT that have been stagnant for over a decade.
  2. Value of new owner occupier loan commitments rose to more than 30% higher than this time last year.
  3. Value of construction loan commitments rose by 65.6% since July, coinciding with the implementation of the HomeBuilder grant. Commitments for construction are almost double the monthly average & the largest contributor to the rise in owner occupier loans. As we recently posted, Aussies surpassed the US, for the biggest homes in the world, as we build, extend & renovating during the great lifestyle re-evaluation.
  4. First home buyer loan commitments increased again to more than 30% above any level since 2009. The 2009 peak occurred when the FHOG temporarily tripled as part of the economic stimulus package in response to the GFC.
  5. Total value of investment loan commitments remain static (but watch this rise from now on as they join the property rebound bandwagon).

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