New Home Lending Up:

New ABS Lending Indicators data released today shows new home lending rose in August, despite the fact that Melbourne, the country’s second largest property market is in lockdown. The value of new home lending increased by 12.6% in August, following an 8.8% rise in July based on seasonally adjusted figures.

This has been the largest monthly increase since records began in 2002. The strong demand is being driven by owner-occupiers, in particular first home buyers. The value of housing finance commitments to investors was up 9.3% over August but remains down 4.3% year on year.