NAB Housing Market Commentary
Commentary on APRA and CoreLogic data released is below.
Quotes attributable to NAB Executive, Home Ownership, Andy Kerr:
“The appetite for Australians to buy a new home is at an all-time high, reflected in the latest APRA data and our strongest month of home lending on record in June.
“Confidence in the housing market continues to improve despite the ongoing impact of the pandemic, and that shows in the amount of activity we are seeing through mortgage applications.
“There is consistent demand from customers in conversations to buy a home, with more than a third of appointments in the last week conducted via video.
“We know the confidence provided by fast decisions is critical in reducing stress and supporting our customers get their dream home in the competitive housing market. We are focused on making 60-minute unconditional approvals the norm.
“We understand there are headwinds in slower population growth and the impact of rising house prices. However, we expect low rates and government programs like the First Home Loan Deposit Scheme to continue to drive a strong housing market.
“Given this backdrop, we are forecasting house price growth of around 19 per cent in 2021 and we anticipate house price growth will remain strong into 2022.”
- APRA defined housing lending growth was 0.86% for the month of June, twice the level of growth seen relative to the same time last year.
- NAB’s housing system growth multiple for the month was 1.1x, the second month in a row of above system growth.
- At 0.94% growth, NAB was the strongest major bank for the second month in a row.
- The result saw NAB’s APRA defined housing lending portfolio grow to $268b at the end of June, an increase of $2.5b month-on-month.