Today’s new mortgage data for January from the Australian Bureau of Statistics (ABS) recorded another month of strong growth:
Total new mortgage commitments (excluding refinancings) surged by 4.6% in January, with owner-occupied mortgages rising 5.0% and investor mortgages rising 3.6%.
Year-on-year, total new mortgage commitments (excluding refinancings) rose by 23.3%, with owner-occupier mortgages rising by 26.9% and investor mortgages rising 14.7%:
First home buyer (FHB) mortgages surged another 4.8% in January, with their share of total mortgages at 20.2%:
Over the year, FHB mortgages rocketed 46.2%.
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.