The latest data released by the Australian Bureau of Statistics show that, driven by the strong growth of homeowners, investors and first-time home buyers, all housing-related loans surged by 12.6% in August. The relevant CBA department said that record low interest rates have driven loan growth, and low interest rates have in turn supported housing prices. The latest CBA Economic Report stated: “There is increasing evidence that the Australian real estate market will survive the COVID-19 crisis.” The annual growth rate of all housing-related loans (except refinancing) is 19.3%.
We are in the worst recession of this generation, which is quite remarkable, but the amount of new housing loans is accelerating. CBA economist Gareth Aird said that during the COVID-19 period, housing prices outside of Melbourne have hardly changed. Sally Tindall, Director of Research at RateCity.com.au, has proven that housing loans are more resistant to COVID-19 than previously expected.
https://www.realestate.com.au/news/housing-escapes-covid19-fallout/?rsf=syn:news:nca:cm:article