New mortgage commitments have seen a monthly rise of almost 5 percent since January 2022, ABS data released today reveals.
The strongest figures were for loan commitments by owner/occupiers, up 5.5 percent compared with investors at 3.7 percent. The rise is a 1 percent increase on February figures.
While it’s an overall improvement, the ABS notes that the $24 billion increase in loans is 26.3 percent down on this time last year. Borrowing rose sharply during COVID, particularly among owner/occupiers. This reflects the corresponding rise in housing values, which analysts put down to low interest rates and government support to protect jobs during the pandemic.
PropTrack economist Angus Moore lending activity was remarkably strong in 2020 and 2021.
“The value of new mortgage commitments in March was up just under 5% compared to April. That’s notable as it’s the first time we’ve seen an increase in new lending since early 2022,” he said. “Even so, we’re seeing a lot less new lending than we were a year ago, down a bit over a quarter compared to March 2022.
“While that’s a substantial pullback, it really reflects just how strong lending activity was in late 2021 and early 2022. The value of new loan commitments is still pretty robust and is substantially stronger than we were seeing in 2019 or early 2020, in part because of the strong growth in house prices we’ve seen.”
His expectation is that the upward trend in lending is set to continue this year, although it may be tempered by further interest rate increases by the RBA.
“External refinancing activity remains very strong and is showing no signs of slowing down,” Mr Moore said. “It hit another new peak in March, with around 28,000 owner occupiers refinancing in March alone – that’s twice as many as we’ve typically seen on average over the past two decades.”
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
The actress has owned the rustic-chic house in Sagaponack, New York, since 2019
Drew Barrymore is making an almost $8.5 million adjustment to her real estate portfolio with the listing of her home in the Hamptons.
The renovated barn, built in 1920, is asking $8.45 million and sits on 1.7 acres in the heart of Sagaponack, less than a mile from the ocean. It hit the market last week.
The actress and talk show host has owned the seven-bedroom home—which has appeared across her social media platforms—since 2019, when she paid $5.5 million for it using a limited liability company for the purchase, records in PropertyShark show.
Despite its transformation into a residence, the former barn still has plenty of period charm, from soaring ceilings and exposed beams to hardwood floors.
The hub of the 6,850-square-foot, light-filled home is the great room and adjacent breakfast nook and kitchen, the latter of which is separated from the rest of the space by a wall made from window frames. Glass doors open up from the great room onto a deck.
There’s also a living room with a brick fireplace, a pink-painted dining room with a sloping ceiling and a skylight, and a den. Plus a separate one-bedroom guest house with a living room and office area, according to the listing with Kathy Konzet of Sotheby’s International Realty – East Hampton Brokerage. Konzet wasn’t immediately available to comment.
The park-like grounds, complete with flowering gardens and rolling lawns, are home to a pool, pool house, a bocce court and plenty of areas for outside entertaining.
Barrymore, 49, began her career at just 11 months old when she appeared in a dog food commercial, and at 7, she starred in 1982’s “E.T. the Extra-Terrestrial.” As an adult she’s best known for roles in “Charlie’s Angels,” “Grey Gardens,” “The Wedding Singer,”and “50 First Dates.”
Her talk show, “The Drew Barrymore Show,” debuted in 2020. A representative for the star couldn’t be reached for comment.
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
This stylish family home combines a classic palette and finishes with a flexible floorplan