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$vuetify.icons.faPhone1300 650 620

Lending for a new home remains well above pre-COVID levels

Media release

Lending for a new home remains well above pre-COVID levels

Media release
The number of new loans for the construction or purchase of new homes in Australia lifted by 1.7 per cent in February.

The ABS released the Lending to Households and Businesses data for February 2022 today. The data provides statistics on housing finance commitments.

“This leaves the number of loans for new homes up by 11.4 per cent on pre-COVID levels,” added Mr Devitt.

“The value of lending fell by 3.7% in February but remains well above the value of lending in previous years. 

“The pandemic trend of homebuyers seeking more space and amenity continues to be reflected in the data almost a year after the end of the HomeBuilder grant.

“Owner-occupiers are dominating the market, with the value of loans to this group up by 55.7 per cent on pre-COVID levels.

“First home buyers too, despite pulling back from the market after the HomeBuilder grant closed, accounted for $15.9 billion worth of the market, up by 29.9 per cent on pre-COVID levels.

“Loans to investors, despite being around record highs, only account for around a third of the market.

“Lending for renovations has also maintained record high levels. The value of loans in the last three months were 141.8 per cent above pre-COVID levels.

“Home ownership matters – it is the basis of a stable household and a stable economy,” concluded Mr Devitt.

For more information:

Thomas Devitt

Economist

Tim Reardon

Chief Economist
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