Investors and first-home buyers rising in Queensland

Latest Australian Bureau of Statistics data reveals that first-home buyer and investor activity in Queensland is increasing and continuing to support local housing markets.

The number of loans approved for first-home buyers over June increased sharply by 8.9 per cent to 1612 – the second highest monthly total for the year.

First-home buyer loan activity has increased by 400 over the first six months of this year compared to the same period last year – a rise of 4.7 per cent.

The average first-home buyer loan in Queensland increased from $294,100 over May to $298,400 over June.

Investor activity fell marginally with $2.09 billion in loans approved to this group – down by just half a per cent.

The value of Queensland residential investor finance has increased by 22.9 per cent over the first six months of this year compared to the same period a year ago.

Total residential lending over June excluding refinancing increased by 0.2 per cent and has risen by 10.5 per cent this year so far compared to the first six months of last year.

Dr Andrew Wilson is Domain Group Senior Economist Twitter@DocAndrewWilson