Property investors dip toe back in housing market, occupiers flee

Friday, 9 Sep 2016 10:15:05 | Stephen Letts And Michael Janda

A steep decline in owner-occupiers is not offset by a modest rise in investors. (ABC News: Ian Cutmore)

Property investors have continued to embrace the Reserve Bank's interest rate cut in May, stepping up with another increase in borrowing activity in July.

In seasonally adjusted figures from the Australian Bureau of Statistics, new approvals for property investment lending rose 0.5 per cent to $11.8 billion in July, more than outweighing another fall in owner-occupier loans.

Signalling a possible softening in the overall property market, the value of new owner-occupier loans slumped 3.1 per cent over the month to $19.9 billion.

The weakness in the owner-occupier segment was highlighted by a 4.2 per cent slump in the number of new loans approved, with steep falls in lending for the purchase of new dwellings, the construction of new homes and the buying of established properties.

The total value of new home loan approvals – combining investor and owner-occupier markets – was down 1.8 per cent in July compared to June.

More to come.

AustraliaPlus

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Property investors dip toe back in housing market, occupiers flee

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