Australian Bureau of Statistics (ABS) reported that there was a drop of 6.4% in the value of new housing loan commitments to AU$31.0 billion in April 2022, following an increase of 2.1% in the March 2022.
In spite of the decreases, the value of lending in April 2022 was above pre-pandemic levels. The value of new owner-occupier loan commitments was 44% higher than February 2020, and the value of investor commitments was 113% higher.
ABS also noted a drop in the value of new owner-occupier loan commitments across most states and territories, NSW by 12.6%, Victoria by 9.7% and Queensland by 2.4%.
The number of new loan commitments to owner-occupier first home buyers dropped 4.4% in April 2022. The value was 34.3% lower compare to the previous corresponding period, but was 4.2% above February 2020.
The value of new loan commitments for fixed term personal finance slipped 3.7% (seasonally adjusted) in April 2022, driven by 20.6% drop in lending for personal investment, plus a 6.7% reduction in lending for the purchase of road vehicles.
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