Housing Finance

The value of new home loans (excluding refinancing) fell by 1.7% in May, following three months of solid increases. The annual rate of growth in new home loans slowed to 18.0%, which is the slowest in three months.

The value of new home loans (excluding refinancing) climbed a seasonally adjusted 4.8% in April, well above the 1.5% increase expected by the market and followed an upwardly revised 3.8% rise in March (originally 3.1%). The value of new loans was 24.6% higher than in April last year.

The value of new home loans (excluding refinancing) picked up by 3.1% in March, somewhat more than the 1.0% pencilled in by the market consensus. This followed an upwardly revised 1.9% increase in February (originally 1.5%).

The value of new home loans (excluding refinancing) rose by 1.5% in February, somewhat less than the 2.0% pencilled in by the consensus. The January figures were revised upwards, to show a decline of 0.8% rather than the 3.9% fall estimated initially.

The seasonally adjusted value of new home loans (excluding refinancing) saw a broad-based 3.9% decline in January, following a 4.1% fall in December. The consensus forecast was for an increase of 2.0%. Approvals were 8.5% higher year-on-year despite the back-to-back falls in December and January.

The value of new home loans (excluding refinancing) fell a seasonally adjusted 4.1% in December 2023. The consensus was for an increase of 1.0%. The number of new owner occupier construction loans rose 5.0%, but remained close to record lows.