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Home lending doubles in Queensland, investors pour in

Business

Home loan commitments for owner occupiers in Queensland have doubled since last year as the real estate booms continues around the nation in April.

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According to the Bureau of Statistics, lending to owner occupiers reached $4.2 billion in April, up from $2 billion for the same time in 2020. Investor loans jumped to $1.47 billion from $600 million in April 2020.

Nationally, new loan commitments for housing rose 3.7 per cent in April 2021 to a record high of $31 billion.

ABS head of finance and wealth Katherine Keenan said the value of new loan commitments for owner occupier housing reached another all-time high in April 2021, up 4.3 per cent to $23 billion.

“New loan commitments for investors rose 2.1 per cent to $8.1 billion, which was the highest level since mid-2017.

“The rise in owner occupier lending was driven by increased loan commitments for existing dwellings, which rose 9.2 per cent. Loan commitments to owner occupiers for the construction of new dwellings fell by 11.4 per cent, following a fall of 14.8 per cent in March. These were the first monthly declines since the Homebuilder grant was introduced in June 2020.

“However, the value of construction commitments remained at a high level.”

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