Average home loan size goes down
The latest Australian Bureau of Statistics housing finance data, released yesterday, shows that the average home loan fell from $291,100 in July to $289,800 in August, and to $284,400 in September.
According to CommSec economist Craig James, the fall in the average home loan size over the past 12 months, down 0.6 per cent, is the biggest year-on-year fall in a decade.
While the number of dwelling commitments for owner-occupied housing rose by 2.2 per cent in September (in seasonally adjusted terms), the value of those commitments rose by just 0.7 per cent.
There were a total of 51,821 dwelling commitments in September, worth $14.6 billion.
Source: Banking Day