Residential investor activity in New South Wales (NSW) has continued its recent strong resurgence, with current levels now approaching record highs.
This is according to the latest data from the Australian Bureau of Statistics (ABS), which specifies that the value of residential lending in NSW increased sharply by 25.5 per cent in November, Domain reports.
As a result of this growth, it raced past the corresponding figure recorded in October to reach an impressive $7.19 billion.
It was noted that this total for November represents the highest monthly result recorded by NSW for 2016 by a significant margin - and it was also the second highest on record for the state.
The only time more a higher value of residential lending was witnessed was in June 2015, when the figure stood only slightly larger at $7.36 billion.
In November, investor loans accounted for 56.7 per cent of all residential lending approved in NSW, which was the highest market share of all the states by some margin. Victoria was the next highest state at 45 per cent.
Residential investor lending in NSW accounted for some 56.1 per cent of all lending approved throughout Australia over November, which is a record result, outstripping the previous high of 48.8 per cent reported in March 2016.
Dr Andrew Wilson, chief economist for the Domain Group, said: "Although the lending market share for residential investment in NSW remains the highest of all the states, the November result is well below the record level of 63.6 per cent for the state reported over May 2015.
"The relatively steady market share for investors despite near record volumes reflects the similar strong rise in owner–occupied lending over the month, up by 19 per cent to $5.5 billion."
