This growth, combined with a buoyant refinancing market, saw the second highest month for volumes ‘On’ the register in 24 months, just behind October 2020.
Net performance has improved across all segments compared with October 2020.
The ‘green shoots’ of a Non-ADI lender rebound out of COVID-19 are present, and Foreign ADI’s have returned to a net positive position for the first time since July 2020.
Other Domestic Banks continue to write the largest net volumes on a month-by-month basis, with 1,500 additional mortgages added to the Register last month. Customer Owned Banks recorded a net positive increase of 300 mortgages in November 2020.
Between September and November, NSW Land Registry Services has seen an acceleration of closed mortgages attributed to either sale of underlying property or paying off a mortgage entirely, resulting in the highest level of Closed Mortgages in the past 24 months.
Refinance volumes remain strong, however activity has softened in November 2020. Major Banks are writing a smaller percentage of refinance activity and recording a decrease in their overall net refinancing position. Although November 2020 has seen Major Banks landing at a net negative refinancing position, they remain above the lows they recorded pre-COVID.
In contrast, all other segments recorded positive increases in November 2020 in their overall net refinancing position, with Customer Owned Banks returning to overall growth for the first time since April 2020.
Newly originated mortgages are up across the board, with November seeing Major Banks writing their highest volumes of new mortgages in the past 24 months.
Non-ADI Lenders are returning to pre-COVID levels of newly originated mortgage volumes, with a 22% increase on October 2020, with all remaining segments recording modest improvements to volumes when compared to October 2020.
Jerry Goldfried, Director Data and Insights at NSW Land Registry Services said increases in a lender’s share of newly originated mortgages can have significant revenue impacts.
“Without gaining sufficient volumes in newly originated mortgages, lenders are forced to rely on attracting refinance customers, in a market awash with competitive incentives, this is becoming more costly and challenging. We have already seen refinance volumes start to soften in November,” said Goldfried.
The NSW LRS Analytics and Insights team analyses all new and refinanced mortgages held against residential properties registered on the NSW Land Title Registry. Newly published data from November 2020 compares the past month’s results with yearly trends.
Download the
November Residential Mortgage Activity report.
Residential Mortgage Activity Report from NSW LRS
NSW Land Registry Services hold the most comprehensive title data bank in Australia. We are in a unique position to offer readers a complete view of changes to the NSW property market. Our data solution is designed to assist users understand changes in the mortgage market.
In-depth reporting on mortgage changes for specific lenders and locational data e.g. postcode or even Statistical Area Level 1 is available through a new subscription service, Mortgage Share Insights. For specific queries about Mortgage Share Insights please contact the team at
liaison@nswlrs.com.au