Queensland housing investment rose 6.8% in July

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Released
1/09/2023
Source
Lending indicators, July 2023

The value of new investor housing loan commitments in Queensland rose 6.8 per cent to $1.9 billion in July 2023, according to data released today by the Australian Bureau of Statistics (ABS).

Mish Tan, ABS head of finance statistics, said: “The value of new housing investment loans in Queensland rose 31 per cent since February 2023. In contrast, other states and territories had more mixed results.”

The value of new owner-occupier loan commitments (excluding refinancing) fell 1.9 per cent to $15.6 billion in July, while the value of new investor loan commitments fell just 0.1 per cent to $8.6 billion.

The value of owner-occupier housing loan refinancing between lenders rose 4.9 per cent to a new record high of $14.6 billion in July. Anecdotal feedback suggests this may be partly driven by a portion of refinancing applications lodged before lenders ended attractive cashback offers on 30 June.

Housing finance loan commitments by property purpose and state, seasonally adjusted – July 2023
  Aus *NSWVicQldSAWATasNTACT
Owner-occupiers
 Value ($b) :15.65.04.43.00.91.60.20.060.4
 Value change ($m):-295-23-167-113-47-66-26-16-3
 Value % change ** :-1.9-0.4-3.7-3.6-5.2-3.9-11.2 †-20.7 †-0.7
Investors
 Value change ($m):-11-25-56119-12-10211-12
 Value % change ** :-0.1-0.8-2.66.8-2.6-1.42.334.4 †-6.0

* Total Australia levels do not necessarily equal the sum of states, due to independent seasonal adjustment

** All movements are on a month-to-month basis

† A smaller and more volatile series

Personal finance

The value of new loan commitments for total fixed term personal finance rose 4.7 per cent to $2.3 billion. This was driven by a 42.1 per cent ($93 million) rise in lending for personal investment.

Lending for travel & holidays rose 12.3 per cent ($6 million) to the highest level seen since August 2018.

More information is available in Lending Indicators, Australia.

Media notes

  • First home buyers - The number and value of new loan commitments to first home buyers has not been published this month due to data reporting issues. These series are temporarily suspended while the ABS and APRA work with data providers to resolve the issues as soon as possible. Please take caution when using the previous 12 months of first home buyer data.
  • All figures are seasonally adjusted unless noted otherwise.
  • Lending Indicators reverted to concurrent seasonal adjustment in the October 2022 release. This method of seasonal adjustment will result in revisions to historical data each month. For more information, see the methodology page.
  • When reporting ABS data, you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
  • For media requests and interviews, please contact the ABS Media Team via media@abs.gov.au between 8.30am and 5pm AEDT Monday to Friday.
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