New owner-occupier loans rose 4.9% in October

Media Release

Released

4/12/2023

Source

Lending indicators, October 2023

The value of new owner-occupier loan commitments for dwellings rose 4.9 per cent in October 2023, while the number of these commitments rose 2.8 per cent, according to data released today by the Australian Bureau of Statistics (ABS).

Mish Tan, ABS head of finance statistics, said: “The growth in number and value of new owner-occupier loan commitments in trend terms has been relatively strong since February 2023, reflecting rising prices and demand for housing.”

New owner-occupier dwelling commitments, value, Australia
	Value of new owner-occupier dwelling commitments, seasadj. ($b)	Value of new owner-occupier dwelling commitments, trend ($b)
Oct-14	10.492	10.359
Nov-14	10.089	10.433
Dec-14	10.581	10.527
Jan-15	10.718	10.621
Feb-15	10.489	10.702
Mar-15	10.939	10.782
Apr-15	10.983	10.891
May-15	10.352	11.054
Jun-15	11.143	11.278
Jul-15	11.461	11.549
Aug-15	12.33	11.813
Sep-15	12.702	12.021
Oct-15	12.295	12.128
Nov-15	12.124	12.115
Dec-15	12.03	12.015
Jan-16	11.716	11.891
Feb-16	11.823	11.797
Mar-16	11.526	11.746
Apr-16	11.776	11.719
May-16	11.84	11.691
Jun-16	11.802	11.645
Jul-16	11.51	11.592
Aug-16	11.419	11.562
Sep-16	11.536	11.582
Oct-16	11.705	11.669
Nov-16	11.784	11.827
Dec-16	12.082	12.026
Jan-17	12.261	12.228
Feb-17	12.196	12.404
Mar-17	12.71	12.559
Apr-17	12.789	12.705
May-17	12.687	12.842
Jun-17	12.851	12.965
Jul-17	13.205	13.062
Aug-17	13.411	13.115
Sep-17	13.163	13.127
Oct-17	12.995	13.107
Nov-17	13.053	13.057
Dec-17	12.912	13.002
Jan-18	13.108	12.97
Feb-18	13.163	12.968
Mar-18	12.836	12.979
Apr-18	12.777	12.973
May-18	13.157	12.924
Jun-18	12.876	12.816
Jul-18	12.902	12.64
Aug-18	12.337	12.391
Sep-18	11.945	12.084
Oct-18	12.283	11.751
Nov-18	11.547	11.447
Dec-18	10.826	11.2
Jan-19	10.814	11.015
Feb-19	11.332	10.896
Mar-19	10.9	10.843
Apr-19	10.958	10.862
May-19	10.703	10.953
Jun-19	10.974	11.123
Jul-19	11.322	11.384
Aug-19	11.73	11.738
Sep-19	12.1	12.158
Oct-19	12.513	12.566
Nov-19	13.034	12.882
Dec-19	13.21	13.043
Jan-20	13.401	13.039
Feb-20	13.045	12.916
Mar-20	13.211	12.771
Apr-20	12.456	12.738
May-20	11.17	12.918
Jun-20	11.799	13.331
Jul-20	13.028	13.935
Aug-20	14.803	14.663
Sep-20	15.79	15.446
Oct-20	16.099	16.24
Nov-20	16.852	17.043
Dec-20	17.939	17.865
Jan-21	20.137	18.705
Feb-21	20.175	19.532
Mar-21	20.45	20.269
Apr-21	21.007	20.812
May-21	21.327	21.086
Jun-21	20.874	21.09
Jul-21	21.184	20.891
Aug-21	20.299	20.605
Sep-21	19.822	20.356
Oct-21	18.996	20.231
Nov-21	20.173	20.211
Dec-21	20.505	20.219
Jan-22	21.335	20.18
Feb-22	20.086	20.03
Mar-22	19.832	19.748
Apr-22	18.987	19.361
May-22	19.04	18.898
Jun-22	18.578	18.372
Jul-22	17.629	17.778
Aug-22	17.185	17.115
Sep-22	16.442	16.404
Oct-22	15.763	15.696
Nov-22	15.008	15.069
Dec-22	14.463	14.6
Jan-23	14.195	14.314
Feb-23	14.039	14.206
Mar-23	14.748	14.238
Apr-23	14.491	14.341
May-23	15.304	14.477
Jun-23	14.694	14.642
Jul-23	14.676	14.846
Aug-23	15.018	15.093
Sep-23	15.22	15.377
Oct-23	15.967	15.67

New owner-occupier dwelling commitments, value, Australia

["","Value of new owner-occupier dwelling commitments, seasadj.","Value of new owner-occupier dwelling commitments, trend"]

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[]

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New owner-occupier dwelling commitments, number, Australia
	Number of new owner-occupier dwelling commitments, seasadj. ('000s)	Number of new owner-occupier dwelling commitments, trend ('000s)
Oct-14	27.985	27.848
Nov-14	26.779	27.97
Dec-14	28.249	28.116
Jan-15	28.385	28.237
Feb-15	28.075	28.296
Mar-15	28.555	28.291
Apr-15	28.607	28.272
May-15	26.38	28.304
Jun-15	28.245	28.407
Jul-15	28.349	28.583
Aug-15	29.572	28.775
Sep-15	29.797	28.933
Oct-15	28.994	29.007
Nov-15	28.629	28.976
Dec-15	29.012	28.882
Jan-16	28.371	28.813
Feb-16	28.851	28.805
Mar-16	28.5	28.831
Apr-16	29.026	28.81
May-16	28.922	28.684
Jun-16	28.923	28.449
Jul-16	27.914	28.161
Aug-16	27.679	27.927
Sep-16	27.715	27.861
Oct-16	27.896	28.008
Nov-16	28.16	28.352
Dec-16	29.024	28.802
Jan-17	29.651	29.237
Feb-17	29.349	29.599
Mar-17	29.884	29.905
Apr-17	30.219	30.185
May-17	29.458	30.461
Jun-17	30.355	30.732
Jul-17	31.395	30.955
Aug-17	32.264	31.043
Sep-17	31.053	30.956
Oct-17	30.695	30.706
Nov-17	30.432	30.315
Dec-17	29.721	29.852
Jan-18	29.606	29.415
Feb-18	29.3	29.078
Mar-18	28.669	28.851
Apr-18	28.322	28.723
May-18	28.897	28.646
Jun-18	28.736	28.555
Jul-18	28.853	28.392
Aug-18	28.078	28.113
Sep-18	27.668	27.708
Oct-18	28.378	27.199
Nov-18	27.385	26.645
Dec-18	25.355	26.084
Jan-19	25.333	25.537
Feb-19	25.593	25.063
Mar-19	24.68	24.725
Apr-19	24.482	24.573
May-19	24.296	24.608
Jun-19	24.761	24.813
Jul-19	25.373	25.152
Aug-19	25.607	25.58
Sep-19	25.96	26.026
Oct-19	26.194	26.403
Nov-19	26.944	26.658
Dec-19	26.827	26.745
Jan-20	26.869	26.622
Feb-20	26.269	26.277
Mar-20	25.669	25.775
Apr-20	24.375	25.267
May-20	22.259	24.92
Jun-20	24.335	24.882
Jul-20	27.185	29.236
Aug-20	30.089	29.978
Sep-20	33.065	31.052
Oct-20	32.852	32.334
Nov-20	33.757	33.688
Dec-20	35.852	35.005
Jan-21	40.281	36.219
Feb-21	39.575	37.256
Mar-21	38.934	38.015
Apr-21	38.562	38.384
May-21	38.496	38.304
Jun-21	38.164	37.804
Jul-21	37.144	37.021
Aug-21	35.792	36.144
Sep-21	34.594	35.346
Oct-21	33.597	34.723
Nov-21	34.227	34.23
Dec-21	34.454	33.783
Jan-22	34.783	33.309
Feb-22	32.839	32.756
Mar-22	31.967	32.145
Apr-22	30.979	31.537
May-22	31.258	30.943
Jun-22	30.465	30.314
Jul-22	29.48	29.586
Aug-22	29.063	28.702
Sep-22	27.88	27.673
Oct-22	26.51	26.59
Nov-22	25.58	25.612
Dec-22	24.024	24.875
Jan-23	23.891	24.446
Feb-23	23.39	24.322
Mar-23	24.715	24.426
Apr-23	24.88	24.627
May-23	26.316	24.853
Jun-23	25.324	25.081
Jul-23	24.825	25.294
Aug-23	25.474	25.513
Sep-23	25.637	25.749
Oct-23	26.351	25.969

New owner-occupier dwelling commitments, number, Australia

["","Number of new owner-occupier dwelling commitments, seasadj.","Number of new owner-occupier dwelling commitments, trend"]

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The number of new owner-occupier first home buyer loan commitments rose 5.1 per cent in October 2023 and was 6.8 per cent higher compared to a year ago. The value of these commitments rose 6.2 per cent.

“In October, average loan sizes for first home buyers grew 0.3 per cent from $506k to $507k, while average loan sizes across all owner-occupier loans grew 2.1 per cent from $553k to $564k,” Dr Tan said.

The number of refinanced owner-occupier loan commitments between lenders fell 12.4 per cent to 20,518. This continued a decline from the all-time high of 28,150 reached in July 2023.

Housing finance loan commitments by property purpose and state, seasonally adjusted – October 2023

		Aus *	NSW	Vic	Qld	SA	WA	Tas	NT	ACT
Owner-occupiers
	Value ($b) :	17.2	5.4	4.9	3.3	1.0	1.9	0.3	0.08	0.4
	Value change ($m):	917	237	95	141	30	266	27	5	-3
	Value % change ** :	5.6	4.6	2.0	4.5	3.2	16.8	11.9†	6.1	-0.9
Owner-occupier first home buyers
	Number change:	472	328	76	-27	-3	56	82	15	1
	Number % change ** :	5.1	15.7	2.5	-1.6	-0.5	4.5	61.2†	30.6†	0.4
Investors
	Value change ($m):	449	180	49	80	35	51	22	-0	-19
	Value % change ** :	5.0	5.2	2.2	4.5	7.5	6.0	29.4†	-1.1	-9.6

* 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 2.1 per cent to $2.5 billion. This was driven by a 1.5 per cent rise in lending for the purchase of road vehicles.

More information is available in Lending Indicators, Australia.

Media notes

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 (8.30am-5pm AEDT Mon-Fri).
Subscribe to our media release notification service to get notified of ABS media releases or publications upon their release.

APA

Citation

New owner-occupier loans rose 4.9% in October

APA

Citation

Personal finance

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