Investors appear to have shrugged off tighter lending restrictions and more expensive loans to again outpace owner-occupier growth in the property market.

In seasonally adjusted terms the value of investor loans in June grew by 3.2 per cent compared to the more modest 1.8 per cent growth in the owner-occupier market.

The Australian Bureau of Statistics data showed overall housing finance rose 2.3 per cent — or $32.6 billion — over the month.

Westpac economist Matthew Hassan said the data was a mixed bag with owner-occupier activity undershooting expectations.

"The sharp slowdown associated with the tightening in lending criteria and increases in borrowing rates for investor loans late last year has clearly run its course," Mr Hassan said.

"The June lift is still firmer than might have been expected given patchy sentiment in the segment and uncertainty over potential tax changes affecting investor housing."

On a state basis, gains in Queensland and Victoria largely offset declines elsewhere.

Mr Hassan said overall the June rise pointed to a positive response to May's interest rate cut by home buyers.

"Other market measures such as auction clearance rates, prices and buyer sentiment are also pointing to some firming, although conditions remain much more subdued than over the first half of 2015," he said.

JP Morgan economist Tom Kennedy said while the loans data has lost a little steam this year, annual growth remains at a "decent" 7 per cent over the year.

The value of "upgrading" owner-occupier loan value is up 10 per cent over the year, while refinancing existing loans has jumped 15 per cent.

However, the value of investor loans has fallen 13 per since June 2015 and first home buyer lending is down 4 per cent.

Mr Kennedy said an interesting development though has been the sharp decline in the average loan size since 2015.

"Today's print revealed a modest rebound in average loan sizes, though not enough to unwind the weakness evident in first half, with the six- month growth rate still firmly in the red," Mr Kennedy noted.

"As more transactions occur at the lower end of the market — higher density and off the plan apartments — the composition of activity will pull average loan sizes lower, while house prices remain comparatively upbeat."