PHOTO: The ANZ/Property Council of Australia

Owner-occupier home loans jumped 10 per cent in November from a year earlier as access to credit eased and rising house prices across the eastern seaboard drew buyers back into the market.

The increase in new mortgage commitments to owner-occupiers lifted the monthly total to a seasonally adjusted $13.4 billion, up 1.6 per cent from October’s $13.2 billion, official figures on Thursday showed. It was the highest monthly total since June 2018.

Home buyer activity is concentrated on established dwellings.  Peter Rae

The rise helped drive a larger-than-expected monthly gain of 1.8 per cent in total lending – above expectations of a 1.4 per cent gain – and pushing the value of first home buyer loan commitments to a 10-year high.

“The housing market is on its way back,” said CommSec chief economist Craig James.