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The ABS released the Lending to Households and Businesses data for November 2021 today. The data provides statistics on housing finance commitments.
“The value of loans to owner occupiers increased by 7.6 per cent in the month of November. This leaves the value of loans to owner occupiers 46.0 per cent higher in the 12 months to November 2021 compared to the previous 12 months,” added Mr Ward.
“The number of loans to first home buyers increased in November and accounted for 34 per cent of owner occupier loans. This remains above the average of the past decade,” stated HIA Senior Economist, Nick Ward.
"The number of loans issued to owner-occupiers to construct a new dwelling was up 48.3 per cent in the 12 months to November 2021, compared to the previous 12 months,” added Mr Ward.
“The value of loans to investors were 69.5 per cent higher in the 12 months to November 2021, compared to the previous 12 months, as investors respond to the very tight rental markets around the country,” continued Mr Ward.
“The boom in renovations also looks set to continue with lending for renovations up by 91.4 per cent in the 12 months to November compared to the previous 12 months,” concluded Mr Ward.
“Australia’s population reached 27.4 million by the end of 2024, up by 445,900 people, or 1.7 per cent for the year,” stated HIA Senior Economist, Tom Devitt.
The Tasmanian election that no-one wanted to have is in full swing, and while the limited campaign period is unlikely to provide the usual platform to promote key policies and reforms, HIA is calling on both major parties to prioritise housing policies given the significant challenges across the state.
“Our dated and complex planning system is littered with speed bumps that could easily be removed”, said Brad Armitage, HIA NSW Executive Director.
“The Victorian government’s proposal to update home building contract laws to make them fit for use in the 21st century is welcomed by HIA,” stated HIA Executive Director, Keith Ryan.