Property investor loans in April grew at their fastest pace since before the Reserve Bank began lifting rates as investor-buyers focused on more affordable markets where a lack of stock was pushing up rents and yields.
“Its rental market vacancy rate is the lowest of the capital cities, which has pushed up rents, and now the prices are starting to kick through, too, because rental growth is strong,” Ms Kilroy told theMs Allen said housing demand was holding up stronger than expected earlier in the year, when CBA economists were forecasting a national 5 per cent increase in housing values.
CoreLogic figures this week showed rents were rising at a faster pace than home values, and gross rental yields had continued to trend higher, rising“Market demand remains strong amid a lack of supply of advertised housing stock, despite higher interest rates and consumer pessimism,” Ms Allen said. Thursday’s numbers also showed new loan commitments for the construction of new homes grew at their fastest rate in more than three years.Owner-occupier new loan commitments for new dwelling construction jumped 6 per cent from March to $1.8 billion. This was the biggest monthly gain since January 2021, when they leapt 20 per cent to a monthly total of $4 billion.