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{{propApi.successMessage}} {{region}} Change locationNew home lending remains strong in first quarter of 2022
New home lending remains strong in first quarter of 2022
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"The ABS released the Lending to Households and Businesses data for March 2022 today. The data provides statistics on housing finance commitments.
“Despite the quarterly decline, loans for new homes in the first quarter of 2022 were still up by 19.3 per cent on the equivalent period pre-pandemic,” added Mr Devitt.
“The impact of yesterday’s rise in the cash rate on lending for the purchase of a home could take six months to emerge in this data set.
“The shortage of rental accommodation remains the key driver for demand for new homes in this cycle.
“First home buyers remain active in the market, despite falling from levels observed during the HomeBuilder stimulus. Loans to first home buyers in the first quarter of 2022 were up by a third on the equivalent quarter pre-pandemic.
“Other owner-occupiers have remained especially active in the market, with the value of loans to this demographic still almost double their pre-pandemic levels.
“Lending to investors reached a new high of $11.7 billion for the month. Due to the strength of the owner-occupier market, this still represents just 35 per cent of the total market, well below the 46 per cent seen in 2015.
“Lending for renovations also reached a new record high in March, over $600 million. This is up by 8.6 per cent for the month, and three times the level seen pre-pandemic,” concluded Mr Devitt.
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