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{{propApi.successMessage}} {{region}} Change locationNew home lending remains strong ahead of RBA rate rise
New home lending remains strong ahead of RBA rate rise
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The ABS released the Lending to Households and Businesses data for April 2022 today. The data provides statistics on housing finance commitments.
“While loans for new homes declined by 5.9 per cent in April 2022, this still leaves the month up by 10.7 per cent on its 2019 counterpart. Lending for the last three months is also up by 15.2 per cent compared to 2019,” added Mr Devitt.
“Lending to all segments of the market – first home buyers, other owner occupiers, and investors – remains well above their pre-pandemic levels.
“Lending for renovations, in particular, is sitting at almost three times pre-pandemic levels.
“At the end of 2021, there were 75.7 per cent more detached homes under construction than pre-COVID. There are also more homes approved and waiting commencement than in any previous cycle.
“Together with similar new home building and renovations booms in other developed economies, this has placed significant demands on the international supply of building materials, along with local supplies of land and labour. The result has been ongoing increases in the cost of home building.
“These factors will sustain Australia’s elevated number of homes and renovations under construction and keep Australia’s already-stretched home builders busy until at least June 2023.
“They will also delay the adverse impact of rising rates on the industry, and therefore the wider economy.
“An acute rental shortage and deterioration in affordability has also seen strengthening in demand for multi-units, including high rise apartments. On top of this, there are early signs of a return of overseas migrants, who tend to favour higher density living more than existing residents.
“With detached home building and renovations activity remaining at capacity for at least another year and demand for multi-units returning, the shortage of building materials and labour will continue to be the main pinch point for the industry.
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Home building materials prices still slower than CPI
“Home building materials have continued to experience only modest cost increases, up by 1.6 per cent in the 2024/25 financial year,” stated HIA Senior Economist, Maurice Tapang.
Productivity Commission backs HIA calls for major regulation overhaul
“Today’s interim report from the Productivity Commission overwhelmingly backs what HIA has long been saying - that the regulatory burden on businesses is getting worse in this country and there is need for a major overhaul on the approach to regulation,” said HIA Managing Director, Jocelyn Martin.
HIA welcomes key findings of interim Productivity Commission’s report
“The Housing Industry Association (HIA) welcomes the release of the Queensland Productivity Commission’s interim report into construction productivity It is a significant and necessary step toward overcoming the housing supply challenges facing Queensland,” said Michael Roberts, HIA Executive Director Queensland.
Building approvals pick up 2024/25
“New home building approvals in the 2024/25 financial year were up by 13.9 per cent compared to their 2023/24 trough,” stated HIA Senior Economist Tom Devitt.