Australia’s mortgage market rebounds

Today’s new mortgage data from the Australian Bureau of Statistics (ABS) recorded a rebound in June as COVID-19 restrictions were lifted:

The next chart plots the time series:

Total new mortgage commitments (excluding refinancings) rose by 6.2% in June, with owner-occupied mortgages rising 5.5% and investor mortgages rising 8.1%.

Year-on-year, total new mortgage commitments (excluding refinancings) rose by 4.5%, with owner-occupier mortgages rising by 8.7% but investor mortgages falling 6.1%:

First home buyer (FHB) mortgages rose 3.3% in June, with their share of total mortgages at 22.0%:

This rebound was largely expected, given Australia emerged out of hard lockdowns in June.

Unconventional Economist

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