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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.
"A slow return of overseas migration is easing the adverse impact of a loss of workers from Australia’s two largest states,” stated Tim Reardon, HIA’s Chief Economist.
The Victorian Government has announced a further lifting of COVID-19 restrictions in relation to vaccination requirements.
The Certificate of Occupancy requirements for Class 1 buildings were suspended on 16 December 2021 to run until 30 June 2022.
This infosheet provides an overview of what cost plus contracts are, how they are used and how to avoid common issues. HIA has a Tasmania Cost Plus Contract for sale available for purchase through Contracts Online.