Mortgage lending, which surged to a record in the year to June, faced a tipping point in the past month as new home loans fell at their fastest pace in more than two years on rising borrowing costs, new figures on Tuesday showed.
The 4.4 per cent monthly decline – the fastest fall since May 2020 – trimmed the yearly total of new mortgage commitments to $382.8 billion from April’s 12-month high of $383.6 billion, but it still capped the biggest financial year of any in the Australian Bureau of Statistics’ two-decade-long data series.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
