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The ABS released the Lending to Households and Businesses data for October 2021 today. The publication presents statistics on housing finance commitments including for the purchase or construction of new dwellings.
“Despite this near record level of investor activity, they accounted for a relatively modest 33 per cent of the total lending in October. This is well below their peak of activity in the market in 2015 when they reached 46 per cent of the value of lending,” added Mr Devitt.
“The continued strength in the owner-occupier market means that investor activity does not warrant a return to punitive restrictions on investors.
“Lending to first home buyers also remains elevated. The number of loans issued to first home buyers in October was 32.9 percent higher than the average of the past decade. Despite this strong involvement of first home buyers, they are continuing to decline as a share of the market, as the impact of HomeBuilder erodes.
“The total value of lending for housing in October 2021, remains higher than any month pre-HomeBuilder. In the three months to October, the value of lending for housing was 38.1 per cent higher than at the same time in the previous year.
“This ongoing loan issuance continues to confirm that detached home building will remain elevated throughout 2022.
“The boom in renovations also looks set to continue with lending for renovations in the three months to October higher by 108.0 per cent compared to the same quarter in the previous year,” concluded Mr Devitt.
The Liberal Party’s announcement today that if re-elected they will allow Australians to access up to $50,000 from their superannuation to fund a deposit to help them buy their first home is a welcome one, and an initiative that HIA has championed.
Western Australia is one of just two states to see an increase in new home sales in April, recording a significant increase in the amount of new activity from the same period prior to the COVID-19 pandemic.
The Housing Industry Association (HIA) has welcomed the ongoing support for Western Australia’s residential building industry in the 2022-2023 State Budget, including a number of targeted initiatives aimed at attracting more skilled workers into the state amid record high levels of detached construction.
The ACT Government has announced an implementation schedule and transition rules for Variation 369 to the Territory Plan.