“Overall the figures for August 2017 show, in trend terms that the number of owner-occupied finance commitments increased by 1.0 per cent. If refinancing is excluded, in trend terms, the number of owner-occupied finance commitments increased by 1.3 per cent and is the eleventh consecutive month of increases.
“In trend terms increases were recorded in all states and territories except South Australia and the Northern Territory. The Australian Capital Territory had the largest increase of 2.0 per cent, in Victoria and New South Wales where new incentives for first home buyers came into the effect on 1 July 2017, the increases in owner occupied housing commitments was 1.4 per cent and 1.3 per cent respectively. The Northern Territory had the largest fall at 1.4 per cent.
“In trend terms, the number of established dwellings purchase commitments increased by 0.9 per cent while new dwelling construction increased by 1.5 per cent and the purchase of new dwellings rose by 2.1 per cent.
“It is pleasing to see that of the 1,526 increase in loans in August, 1,264, or 82.8 per cent, were to first home buyers. The figures show that the market is adjusting to more stable conditions with owner occupiers and first home buyers returning to the market,” Mr Gunning concluded.
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