Owner-occupier mortgage lending up 1.5% in September as first-home buyers reach 19.3%: ABS
The value of home loans taken out by owner occupiers rose by a better than expected 1.5% over September to $13.9 billion, according to the latest ABS housing finance figures.
This was the second consecutive monthly rise in the value of owner occupier commitments following a 1.3% rise in August.
In July the value of owner occupier commitments slumped 1.4%.
The number of loans to owner occupiers rose 0.9% to 46,395 in September following a 1.8% rise in August - economists polled by Bloomberg had tipped a 1% rise over September.
Housing finance commitments by investors increased by 8.6% to $7.3 billion following a small 0.8% fall in August and a 2.7% drop in July.
The total value of dwelling commitments – owner occupiers and investors – rose 3.8% to $21.2 billion.
Westpac noted that gains were reported across the eastern states - Queensland (0.6%), NSW (1.6%) and Victoria(2.3%). This was offset by a dip in WA and a fall in SA.
"FHBs share of finance increased, rising to 19.3%. Further gains are in prospect," says Westpac.
The rise in September suggests -as mentioned by the RBA - that previous rate cuts are starting to flow through into the economy.
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