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Updates

Queensland Leads The Growth In Housing Finance

 November 17, 2020

By  Chase Edwards

The latest ABS data saw September increase by 5.9% for finance secured for the purchase of a property, which made the September quarter increase to 20%, which is the highest growth rate on record!

The increase experienced in the September quarter is a result of various factors including eased social distancing restrictions and a historically low cash rate which has seen banks pass on the cut to home owners – with some owner-occupied rates now beginning with a “1”.

In comparison, the June quarter had a 10.9% contraction in housing finance – keep in mind this drop was also when strict social distancing measures were in place and also bans on open home inspections and onsite auctions.

Queensland accounted for 31% of the uplift in finance nationally, where the value of housing commitments (excluding refinances) increased 40.2% in Queensland over the September quarter.

NSW came a close second which saw an increase of 16.7% which contributed 30% nationally.

Amongst the ABS data it was prevalent that owner-occupiers and first home buyers were dominating the September quarter. The rise of first home buyer’s has only been intensified by COVID-19, as government stimulus targeted the construction of new homes and first home buyer grants.

If you are interested in refinancing your home, purchasing or building a new home or know of someone who is, please contact your closest Chase Edwards Office Today!

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