The Australian Bureau of Statistics has reported a seasonally adjusted decrease of 4.6% in the total value of owner-occupied home loans issued in Australia for January, equating to A$15.91 billion. Investment lending also saw a monthly dip of 2.6% to A$9.21 billion, bringing the overall lending down by 3.9% to A$25.12 billion.
However, when assessing the numbers on a yearly basis, owner-occupied home loans increased by 3.4% and investment lending significantly jumped by 18.5%, resulting in an overall loan increase of 8.5%.
Additionally, there was a monthly increase in construction finance loans of 5.8% following a 3.3% rise in December. There was also a notable increase in loans for property purchase, which jumped by 16.9% after only a 1.9% increase the previous month.
