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“The number of loans for the construction of a new dwelling fell by 4.9 per cent in August but remains elevated compared to pre-COVID levels,” stated HIA Economist, Tom Devitt.
The ABS released the Lending to Households and Businesses data for August 2021 today. The publication presents statistics on housing finance commitments including for the purchase or construction of new dwellings.
“The number of loans for the construction of new homes has continued its decline since the end of HomeBuilder in March,” added Mr Devitt.
“Despite these declines, the number of loans still remains up by 51.0 per cent in the three months to August 2021 compared to the same period two years ago.
“This will ensure a solid pipeline of home building work and associated employment well into the second half of 2022.
“First home buyer activity has also remained elevated and they now account for 35 per cent of the market. This remains above the average of the last decade as they take advantage of record low interest rates.
“Investor activity is also returning to long term trends with lending to investors rising by 1.5 per cent in August. Investors now account for almost one-third of the value of loans issued. This remains well below the peaks seen pre-COVID when macro-prudential restrictions were introduced.
“Lending for home renovations however, remains exceptionally high. The value of loans issued for renovations in the past three months is 122.7 per cent higher than the same period last year. This has been driven by record household savings and structural shifts as we spend more time at home,” concluded Mr Devitt.
Across the states, the number of loans to owner-occupiers for the construction of a new dwelling in the three months to August 2021 compared to the same time last year has increased in almost all jurisdictions:
- South Australia by +69.6 per cent
- The Australian Capital Territory by +61.3 per cent
- Western Australia by +48.0 per cent
- Tasmania by +44.2 per cent
- New South Wales by +27.8 per cent
- Victoria by +27.5 per cent
- Queensland by +20.0 per cent
- The Northern Territory is down by 48.0 per cent.
For further information please contact:
Tom Devitt, Economist 0439 514 656
Tim Reardon, Chief Economist 0423 141 031
Building contracts that have been modified or have information missing may be ineligible for the BASIX Transition.
“The prospect of a pick-up in home building activity in 2024 is not likely given the low volume of new homes sales in the first three months of 2024,” stated HIA Senior Economist, Tom Devitt.
On 26 March, HIA advised members that NSW will be adopting a transitional period for the use of engineered stone to ensure businesses can fulfill existing contracts with less disruption and uncertainty. Today, HIA has received the formal confirmation from SafeWork NSW acknowledging the significant impact the ban will have on the operations of businesses HIA represents and the engineered stone industry more broadly.
On 15 April 2024, the NT Government will enact the Building Legislation Amendment Bill 2024 addressing commercial registration. The rollout will occur over two stages and contains a significant transition period allowing practitioners time to become registered.