New dwelling building is among the huge drivers of the rise in owner-occupier borrowing. Image: AAP Picture/Dan Peled.

Queenslanders have hit a brand new document $4.3b in dwelling borrowing only one month, an enormous 74 per cent leap on the identical time final yr with dwelling values now additionally at contemporary peaks.

It’s the sixth straight month in a row of document rises for brand spanking new loans for proprietor occupiers (excluding refinancing), based on Australian Bureau of Statistics January knowledge.

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Queensland’s document run started in August boosted by the federal authorities’s June announcement of a $25,000 HomeBuilder grant with $3.03b in owner-occupier loans.

That document tumbled in September ($3.5b), then October ($3.57b), November ($3.65b) and once more in December ($3.8b) earlier than January’s peak of $4.3b.


Brisbane’s median dwelling worth has gone to $535,618. Image: Brendan Radke.

This comes as the most recent CoreLogic Residence Worth Index additionally noticed its largest month-on-month change in 17 years nationally, rising 2.1 per cent greater in February.

CoreLogic head of analysis Tim Lawless stated it was the primary time that development was “synchronised” throughout each capital metropolis and area since authorities stimulus measures after the International Monetary Disaster in mid-2009.

Index outcomes as at February 28, 2021 put Brisbane’s median dwelling worth at $535,618, which is an increase of 5 per cent over the yr.

Actual property agent Savva Koulouris of Place Woolloongabba, whose auctions this weekend embrace 19 Eyre Road, Mount Gravatt East, stated purchaser enquiry ranges have been hovering.

“Open houses are beginning to grow to be loopy busy. I had an open dwelling final week the place we had 72 teams by means of in half an hour. The property offered that very same week with a number of affords … any worth level proper now’s beginning to be busy throughout the board.”

The ABS knowledge confirmed that the very best quantity that owner-occupiers in Queensland had beforehand borrowed earlier than the present document run was $2.759b – logged over 13 years in the past (August 2007) when the official rate of interest was 6.5 per cent.

Queensland’s January owner-occupier surge (74 per cent) beat the nationwide month-to-month rise which was 52.3 per cent greater than in January 2020.

ABS head of finance and wealth Katherine Keenan stated new building noticed the largest rise nationally (141 per cent) whereas new mortgage commitments for current dwellings was 38.7 per cent greater.

“For the reason that HomeBuilder grant was launched in June 2020, there have been document rises within the worth of building mortgage commitments. Mortgage functions made late in 2020 (previous to the discount of the HomeBuilder grant on January 1, 2021), contributed to the sturdy rise in January’s building mortgage commitments of 15.7 per cent.”


New proprietor occupier loans (excluding refinancing)


Jan-2021 $4.3b

Dec-2020 $3.809b

Nov-2020 $3.65b

Oct-2020 $3.573b

Sep-2020 $3.508b

Aug-2020 $3.034b

Aug-2007 $2,759b

(Supply: ABS *seasonally adjusted)


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