Home Loans Demand Peaked Up This August
The latest home finance data released by Australian Bureau of Statistics states that the housing loans demand got a steep hike this August, a highest in the last six years.
Figures revealed shows that, in the month 55,677 home loans were approved, a 2.9 per cent increase from the last month. The home approvals figures creates a record, as such a high number of approvals were not seen since September 2009.
Mortgage Choice chief executive officer John Flavell says, “This is surprising in the current market, but proves the property market remains alive and well. To see a similar level of home loan demand in today’s market, when there is not only no boosted first home buyer incentives in place, but lenders are effectively trying to reduce their level of investment lending activity, is surprising and just goes to prove the strength of the housing market”.
Along with the rise in the loan approvals, the cost of average home loan also rose up. In August, the cost comes out to be $371,200, up by 15.4% from the last year.
In addition, as per the CoreLogic RP data, home values in across Australia’s capital cities increased by 0.9% in September; bring the year-on-year capital growth to 11%.