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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.
“The Housing Industry Association (HIA) is pleased to see housing feature prominently at this week’s Economic Reform Roundtable particularly on cutting excessive red tape and streamlining environmental approvals, but as Treasurer Jim Chalmers has indicated more work is needed on easing housing construction,” said HIA Managing Director, Jocelyn Martin.
“As an industry association whose members are embedded in the Hunter and Mid North Coast communities, HIA welcomes the $50 million Housing Support Package announced by the Albanese and Minns Governments,” said HIA Hunter Executive Director Craig Jennion.
“The Housing Industry Association (HIA) welcomes today’s announcement by the Albanese Government in providing $300 million to support Australia’s future wood supply to meet increasing housing needs across the country,” said HIA Managing Director Jocelyn Martin.
“Today’s announcement on the successful take up of the HomeGrown Territory grant highlights the importance of this key housing support scheme that is spurring economic growth and kickstarting home building across the Territory,” stated HIA Executive Director - Northern Territory, Luis Espinoza.