Almost $22 billion worth of home loans were approved in November, but growth in demand for housing has slowed compared to early 2015.

The number of approved home loans unexpectedly rose 1.8 per cent in November and the value of total housing finance was also up 1.8 per cent in the month.

Loans approved for owner-occupied housing, based on their value, rose 2.4 per cent and approvals for investment housing were up 0.7 per cent, the first increase in six months.

JP Morgan chief economist Stephen Walters said the data was contrary to other evidence that the housing market is cooling.

"Auction clearance rates in Sydney, for example, which previously was the epicentre of many of the investor excesses, slipped into the 50s late last year," he said.

"Moreover, there now is more reliable evidence now that home prices in the major cities are falling.

HIA economist Diwa Hopkins said although total lending activity increased in November, she expects investor activity to weigh on the housing market.

"Looking at the detail, lending activity among investors is still below what appears to be the cyclical peak back in April last year," she said.

"More strength is evident in the owner occupier segment of the market, with the latest level of lending activity on par with recent highs."

ANZ economist Daniel Gradwell said the easing of total credit growth in the second half of 2015 was mainly due to growth shifting away from investor housing to owner occupier housing, as a result of tougher lending standards.

"Today's increase suggests that this trend may have largely run its course," he said.

"This is expected to result in a slowing contribution to growth from housing construction, and a reduced household wealth effect, which remains a key factor in our forecast of further RBA rate cuts later this year."

Mr Gradwell said it appears that many are starting to refinance their home loans.

"The overall increase in November is positive, given that it was the first month to incorporate the full impact of the major banks out-of-cycle mortgage rate increases, which came into effect toward the end of October," he said.

"It appears that these rate increases, which impacted variable mortgage rates, drove an increase in the proportion of fixed rate mortgage lending."

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Home loans enjoy surprise bounce