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{{propApi.successMessage}} {{region}} Change locationOwner occupiers drive record year in housing finance
Owner occupiers drive record year in housing finance
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The ABS released the Lending to Households and Businesses data for December 2021 today. The data provides statistics on housing finance commitments.
“The total value of housing loans issued in 2021 reached almost $370 billion, up by 51 per cent on the previous year and the strongest year since records began in 2002,” added Mr Devitt.
“This was driven by owner occupiers, accounting for over $260 billion of the total in 2021, up by 43 per cent on the previous year.
“While loans to first home buyers have come down in recent months, this cohort remains much more active in the market than it did before the pandemic. First home buyers accounted for $74 billion worth of housing loans in 2021, up by 30.3 per cent on the previous year.
“The boom in renovations also looks set to continue with lending for renovations of $5.4 billion in 2021, almost double the level in 2020.
“While investor loans are another growing sector of the market, they remain a relatively small share of the market.
“Investors accounted for $106 billion worth of housing loans in 2021, up by 75.1 per cent on the previous year. This still represents 28 per cent of the total market, compared to more than 40 per cent in 2015.
“Australians are remaining very active in the housing market. The pandemic has forced people to spend a lot more time at home, resulting in demand for greater amenity. This is being found in both moving to a new home or renovating the home people already have," concluded Mr Devitt.
Supporting the next generation of builders is key to WA’s housing future
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