Markets in a ‘sound’ state despite shift: PIPA
The winds of change are sweeping through the country’s real estate market, but for Property Investment Professionals o...
Owner occupier borrowing activity has been consistently trending downwards for 12 months now, new research shows.
According to an analysis of Reserve Bank of Australia (RBA) credit aggregates by Retail Finance Intelligence (RFi), housing credit for owner occupied housing grew by just 0.4 per cent in June this year, and has now been on a downward growth trend for one year.
Owner occupier housing credit was valued at $782.1 billion in June, RFi said, with the termination of first home buyer incentives pushing first home buyers down to a low of just 16 per cent of all home buyers.
According to RFi, investment housing credit growth has now outpaced owner occupied credit growth for five successive months.
Investment housing credit growth grew by 0.6 per cent in June to $335.2 billion, while total housing credit grew by 7.9 per cent over the course of the year.