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{{propApi.successMessage}} {{region}} Change locationLoans for new home building continue to break records
Loans for new home building continue to break records
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Security of Payment - Coverage
The Building and Construction Industry (Security of Payment) Act 2021 (WA) (SOP Act) applies to some construction contracts but excludes others. Before you make a claim under the SOP Act, it is important to confirm that your contract is covered.
The Residential Building Bill
The Tasmanian Government has released the Residential Building (Miscellaneous Consumer Protection Amendments) Bill 2022 for consultation. HIA has raised concerns with some elements.
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Geraldton’s own third year carpentry and joinery apprentice Callum Marquis from Connolly Creative Building Co. has been named 2022 HIA Stratco WA Peter Stannard Apprentice of the Year.
Security of Payment overview
Security of payment laws provide for the rapid adjudication of payment disputes in the building and construction industry.
“The number of loans for the construction of a new dwelling rose for the seventh consecutive month and reached a new record in January,” stated HIA’s Economist, Angela Lillicrap.
Confidence in the housing market has been improving since the announcement of HomeBuilder in June 2020.
The increase in lending in January coincides with the surge that was seen in HIA’s New Home Sales in December. Households rushed to finalise contracts to build a new home before the end of the 31 December 2020 deadline to access the $25,000 grant.
The number of construction loans to owner occupiers in the three months to January 2021 is 45.8 per cent higher than the previous quarter and is more than double the same time the previous year.
Households have changed their spending habits in response to the COVID-19 interruptions. Many have diverted funds that would have typically been spent on travel and entertainment into improving their homes.
Lending for renovations also continue to be elevated. The value of loans for alterations and additions in the three month to January 2021 is 40.8 per cent higher than the same time the previous year.
Investors are also returning but were more active in the market for established dwellings. The value of lending to investors increased by 17.6 per cent in the three months to January 2021 from the previous quarter.
“Low interest rates, rising house prices, higher savings and a demographic shift in demand towards detached housing and regional areas should ensure ongoing demand for new homes into 2021,” concluded Ms Lillicrap.
Across the states, the number of loans to owner-occupiers for the construction of a new dwelling in the three months to January 2021 compared to the same time last year:
- has tripled in Western Australia (+221.7 per cent) and more than doubled in Queensland (+164.9 per cent)
Other states and territories results also recorded strong results:
- Northern Territory (+160.3 per cent)
- Tasmania (+104.2)
- Victoria (+97.1 per cent)
- Australian Capital Territory (+87.4 per cent)
- South Australia (+82.6 per cent)
- New South Wales (+72.9 per cent)
For further information please contact:
Tim Reardon
Chief Economist, HIA
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Geraldton’s own third year carpentry and joinery apprentice Callum Marquis from Connolly Creative Building Co. has been named 2022 HIA Stratco WA Peter Stannard Apprentice of the Year.
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