Housing finance is sitting above decade averages in almost every area of Australia.

CommSec’s State of the States report says it is up by 37.8% in Western Australia, 32.3% in Queensland, 19.7% in South Australia, 14.6% in Victoria, 13.9% in NSW, 8.6% in Tasmania and 2.7% in the ACT. It is down by 7.1% in the Northern Territory.

PEXA’s latest Mortgage Insights Report says a total of 509,955 new property-related loans were issued in FY2024, a 6% per cent increase on the previous year while refinancing was down by 11.9%. ABS monthly lending figures show investors are continuing to charge into the market. June lending indicators data show the total value of new investor loans was 30.2% year on year.

Housing Industry Association (HIA) economist Maurice Tapang says the market as a whole is active. “Various segments of the housing market are increasingly active, with lending to first home buyers, owner-occupiers, and investors increasing in the first half of 2024. The number of loans issued for the purchase and construction of a new home has been steadily increasing since the start of 2024, from a very low base,” he says.