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{{propApi.successMessage}} {{region}} Change locationAffordability weighing on first home buyers
Affordability weighing on first home buyers
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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.
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Access to skilled labour a barrier to 1.2 million new homes
“The influx of overseas migrants into Australia in the last couple of years has added significant demand for new homes. Despite this, skilled trades in the residential sector are not recognised on the Australian government’s Skills Priority List,” stated HIA Senior Economist Tom Devitt.
Victoria should not accept mediocre Housing Scorecard result
HIA has released its Housing Scorecard. Once again Victoria is underperforming. With the Victorian State Budget next month there is also a risk that unnecessary tax increases will entrench this poor outcome.
Cuts to taxes on housing will be increasingly necessary to improve housing supply as interest rates remain high
“Today’s CPI figures are likely to see interest rates remain high for longer as inflation becomes increasingly embedded in the economy,” stated HIA’s Chief Economist, Tim Reardon
South Australia tops Housing Scorecard again
“South Australia has once again taken out the top spot in HIA’s Housing Scorecard,” stated Stephen Knight, HIA Executive Director.