Owner-occupier lending slowdown continues
The trend to slower growth in mortgage lending to owner-occupiers continued in October, while the pick-up in investor lending that has been evident since the middle of the year maintained its momentum.According to the latest Australian Bureau of Statistics housing finance data, the value of new lending to owner-occupiers fell 0.8 per cent in October, compared with the previous month (in seasonally adjusted terms).New mortgage lending to investors rose 0.7 per cent in October, compared with the previous month, continuing the steady growth in the segment that started in May.Overall, the value of all new dwelling commitments fell 0.2 per cent in October.In trend terms, the value of new lending to owner-occupiers has fallen every month but one this year, while the value of new lending to investors has increased in seven out of the ten months to October.The A$32.2 billion of new lending in October was up 0.5 per cent on lending in the same month last year.The average loan size in October was $373,000 - up from $366,200 in September and the highest monthly average this year.First-home buyers accounted for 13.7 per cent of new lending - up from 13.1 per cent in September.