Queenslanders are new-home borrowing champions

first_imgQueenslanders are borrowing more for new homes.QUEENSLANDERS are no slouch when it comes to new home borrowing according to the latest Australian Bureau of Statistics (ABS) data.The Sunshine State topped the rankings with an increase in the number of loans to owner occupiers constructing or purchasing new homes of 13.1 per cent compared to last year’s figure.This is in the wake of a national fall of 0.4 per cent in the measure.HIA Senior Economist Shane Garrett said regardless of the softer national result, the industry is still punching above its weight.“Despite the reduction during January, the actual volume of loans for new homes remains at avery elevated level — about 99,620 loans were made over the year to January 2017,” Mr Garrett said.More from newsMould, age, not enough to stop 17 bidders fighting for this home1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor7 hours agoThe ABS data also shows national home loan demand rose in January by 0.5 per cent, bringing the number of loans written to 55,153.“January was the sixth consecutive month of growth for home loan approvals,” Mortgage Choice chief executive officer John Flavell said.In addition, the numbers show an increase in the value of home loans written.“In total, nearly $34 billion of home loans were approved throughout January — up 1.5 per cent on the month before,” Mr Flavell said. “This can be largely attributed to the increase in value of investment loans approved.”Mr Flavell said during January, more than $13.7 billion in investment loans were approved — a monthly increase of 4.2 per cent.“On the other hand, the value of owner-occupied housing loans fell 0.2 per cent to $20.1 billion.”Mr Flavell said home loan demand will continue to rise over the next couple of months because of seasonal factors.last_img