The value of an average new housing loan in Queensland has jumped by more than $70,000 in a single year.
Australian Bureau of Statistics housing loan data shows the average new home mortgage in May this year was worth $580,000.
This was a 14.3 percent jump on the $508,000 recorded for Queensland just a year earlier.
ABS head of finance statistics Fiona Cotsell said, despite the monthly fall in the value of new home loans in May, there was still an 18 percent rise nationally over 12 months.
“In May, the value of new loans to investors in Queensland reached an all-time high of $2.4 billion, exceeding Victoria for the third consecutive month,” she said.
“This is mainly due to investors taking out larger loans in the sunshine state compared to this time last year.”
Since May 2023, the value of new loans to investors has trended upwards across most states and territories.
The largest rises were in New South Wales (up 24.8 percent), Queensland (up 48.2 percent) and Western Australia (up 73.9 per cent).
The average Queensland housing loan, at $580,000, has now edged above Victoria at $566,000.
The total value of new housing loans nationally fell 1.7 per cent in May to $28.8 billion.
The value of new investor loans fell 1.3 percent in May to $10.7 billion. Owner-occupier loans (excluding first home buyers) fell 1.6 percent to $12.9 billion, while first home buyer loans fell 2.9 percent to $5.2 billion.
Loans to investors have continued to see stronger growth than owner-occupiers over this period.
The value of new loan commitments for total fixed term personal finance fell 0.7 per cent to $2.6 billion in May, but was 12.7 percent higher compared to a year ago.
The full report is on the ABS website
