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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.
HIA took the opportunity to provide a submission to Safe Work Australia in response to the consultation on the review of the ban of engineered stone in Australia implemented by the Model WHS Amendment (Engineered Stone) Regulation 2024.
“The volume of new homes sold in February was relatively unchanged from the last month’s increase in sales,” stated HIA Economist, Maurice Tapang.
A bus load of 13 HIA Apprentices completed a site visit last Friday at a social and affordable housing project at Wallsend.
HIA responded to February’s ‘Addressing corporate misuse of the Fair Entitlements Guarantee' Discussion Paper released by DEWR. The consultation process is considering options for targeted law reform to address issues and safeguard the sustainability of the Fair Entitlements Guarantee program.