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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.
The Liberal Party’s announcement today that if re-elected they will allow Australians to access up to $50,000 from their superannuation to fund a deposit to help them buy their first home is a welcome one, and an initiative that HIA has championed.
Western Australia is one of just two states to see an increase in new home sales in April, recording a significant increase in the amount of new activity from the same period prior to the COVID-19 pandemic.
The Housing Industry Association (HIA) has welcomed the ongoing support for Western Australia’s residential building industry in the 2022-2023 State Budget, including a number of targeted initiatives aimed at attracting more skilled workers into the state amid record high levels of detached construction.
The ACT Government has announced an implementation schedule and transition rules for Variation 369 to the Territory Plan.