Home Loan Commitments Increase In July

In the month of July, the number of new loans to households nationally rose 8.9% from June 2020; the largest month-on-month gain since early 2009 when the nation was coming out of the GFC. Owner occupier home loan commitments increased by 10.7% whilst investment dwellings, lower at 3.5%. 
In Victoria, the MoM change was 5% whilst yearly change was 5.2%. This may be due to the increase in sales in June and July was no different, with the momentum continuing, selling similar volumes as June. 
WA also performed strongly, after the announcement of a $20,000 grant to homebuyers who build new houses or purchase a new property in a single-tier development prior to construction finishing. This grant will provide home builders access of up to $45,000 in assistance. WA witnessed a MoM increase of 17.9% and a yearly increase of 14.9%. Perth continues to provide the most affordable land prices with sales up approximately 179% YoY. 
Not just in Victoria but nationwide, this is truly the best time to buy, with land affordability at its highest.

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