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The ABS released the Lending to Households and Businesses data for January 2022 today. The data provides statistics on housing finance commitments.
“First home buyers remain more active in the market now than before the pandemic, despite the reduction in the value of lending in recent months,” added Mr Devitt.
“First home buyers are very sensitive to changes in market confidence, tightening of finance and declining affordability.
“Owner occupiers (excluding first home buyers) and investors, on the other hand, both reached new record highs in January in terms of the value of loans. The activity of owner occupiers has kept investors to only a third of the market, compared to over 40 per cent back in 2015.
“Lending for renovations has also maintained record high levels. The value of loans in the last eight month were double that of the equivalent period a year earlier,” concluded Mr Devitt.
Western Australia’s construction industry has faced significant disruption over the past five years, with rising costs, supply chain challenges, and economic uncertainty contributing to the loss of hundreds of registered builders and many more contractors across the state. As the housing market continues to grow and demand for new homes intensifies, rebuilding the builder base is critical — and that starts with supporting new entrants through the builder registration process.
Over the past five years, Western Australia’s construction industry has experienced significant disruption. Rising costs, supply chain challenges and economic uncertainty have contributed to the loss of hundreds of registered builders and many more contractors across the state. As demand for new housing continues to grow, rebuilding our builder base is essential — and that starts with supporting new entrants through the builder registration process.
The Housing Industry Association (HIA) welcomes the Premier’s acknowledgment in Question Time today that he is “...less than satisfied with Homes Tasmania’s performance…”.
The latest ABS data released today shows that home building approvals in the ACT remain underwhelming, which reaffirms that relief from affordability pressures is still a long way off.