New high in home loans

MORE Australians are buying property than ever, with new data released from the Australian Bureau of Statistics showing house financing reached a record high in 2017.

The data revealed $24 billion was financed in November last year alone, while the average new home loan in Australia reached a new high of $388,900. According to analysts finder.com.au, the driving force is non-first home buyers.

The average home loan in Queensland spiked by 1.9 per cent, up to $332,000.