Today’s new mortgage data for December from the Australian Bureau of Statistics (ABS) recorded more strong growth:
Total new mortgage commitments (excluding refinancings) surged by 4.4% in December, with owner-occupied mortgages rising 5.1% and investor mortgages rising 2.8%.
Year-on-year, total new mortgage commitments (excluding refinancings) rose by 14.0%, with owner-occupier mortgages rising by 17.9% and investor mortgages rising 4.9%:
First home buyer (FHB) mortgages surged by 6.2% in December, with their share of total mortgages rising to 20.2%:
The above data is further evidence of Australia’s property price recovery, given new mortgage demand is the key driver of values. More on this tomorrow.