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The ABS released the Lending to Households and Businesses data for July 2022 today. The data provides sobering statistics on housing finance commitments.
“The rise in the cost of borrowing is compounding the impact of the rapid increase in the cost of building a new home that occurred due to the constraints on global supply chains,” added Mr Devitt.
“Declines were seen across all segments of the market, led by investors.
“The value of loans to investors fell by 11.2 per cent to their weakest month in over a year. This was followed by a 9.5 per cent decline for first home buyers, to their lowest level in over two years, and a 6.3 per cent decline for other owner occupiers. There was also a 3.3 per cent decline in lending for renovations.
“These declines in home lending are consistent with other leading indicators.
“New home sales across Australia declined by 13.1 per cent in July, following even earlier reports from the industry of a slowing in the number of groups visiting display sites. This will see weaker sales volumes in the second half of 2022.
“If these trends are sustained, which is expected, then the 1.75 per cent increase in the cash rate so far will have brought this pandemic building boom to an end.
“There remains a significant volume of work under construction and approved-but-not-yet-commenced that will provide a buffer for the industry and ensure building activity and demand for skilled trades remains exceptionally strong through the rest of 2022 and into 2023.
“There is a risk that this volume of ongoing work will obscure the adverse impact of rising interest rates,” concluded Mr Devitt.
“There were 9,490 detached homes approved in the month of April 2025, up by 3.3 per cent compared to the previous month,” stated HIA Senior Economist Maurice Tapang.
The Treasurer has handed down the 2025/26 Tasmanian Budget. The Budget focuses on alleviating cost of living pressures, health, education and infrastructure, while mapping out a path to a fiscal balance surplus in 2032/2033.
“The NSW planning system has failed to deliver the number of homes we desperately need and we fully support removing the politics from housing, to address this growing crisis,” said Brad Armitage, HIA Executive Director NSW.
The Victorian Opposition’s announcement that it would remove stamp duty for first-home buyers spending up to $1 million on a new or existing home if elected at next year’s state election, is a positive step towards improving home affordability,” says Steven Wojtkiw, HIA Victoria Deputy Executive Director.