Refinancing continues to be a major driver of market activity, with new data showing refinancing now accounts for more than 30 per cent of all owner-occupied housing lending commitments.
According to the Australian Bureau of Statistics, refinancing accounted for 30.8 per cent of all owner-occupied housing lending commitments in October 2011.
Refinancing has experienced some of the highest growth in activity over 2011.
Between October 2010 and October 2011, the average monthly growth of lending commitments has been just 0.1 per cent.
Owner-occupier lending commitments increased, on average, by 0.5 per cent each month, while investment housing lending commitments fell 0.5 per cent on average.
Year-on-year, the value of new investment housing lending commitments is down 9.3 per cent, while lending commitments for owner-occupied housing are up 3.5 per cent.
When refinancing is excluded, the value of lending commitments for owner-occupied housing is actually down 2.9 per cent in year-on-year terms.