A large number of first-time buyers enter the real estate market, according to February ABS data.

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The Australian Bureau of Statistics (ABS) today released data showing that in February 2024, the total value of new housing loans to investors increased by 1.2%.

Mish Tan, ABS head of finance statistics, said: “The value of new investor loans in February was 21.5 per cent higher compared to a year ago. This made up over half of the growth in total new loan commitments over the past year.”

The value of new owner-occupier loans was 9.1 per cent higher compared to a year ago, while the value of owner-occupier first home buyer loans was 20.7 per cent higher over the same period.

The total number of new owner-occupier loans rose 0.9 per cent in February 2024. Meanwhile, the number of owner-occupier first home buyer loans rose 4.3 per cent and were 13.2 per cent higher compared to a year ago.

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Personal finance

The value of new loan commitments for total fixed term personal finance fell 0.9 per cent to $2.4 billion. This was driven by a fall of 2.7 per cent in lending for the purchase of road vehicles.

More information is available in Lending Indicators, Australia.

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