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{{propApi.successMessage}} {{region}} Change locationInterest rate hikes hit home lending
Interest rate hikes hit home lending
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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.
Housing Loans, by Market Segment, $M
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Major changes to Labour Hire Licensing Act
The Victorian Government has introduced the Labour Hire Legislation Amendment (Licensing) Bill 2025 (the Bill) into parliament. It amends the Labour Hire Licensing Act 2018 to address concerns about criminality in the construction sector.
Policy changes see spike in home building
“Sales of new homes for construction jumped 25.9 per cent in September following a series of policy changes, including a cut to the cash rate in August, removal of Lenders Mortgage Insurance and easing in planning restrictions,” stated HIA Chief Economist, Tim Reardon.
Victorian house building hits new low
“Victoria commenced construction on just 7,650 new detached houses in the June quarter 2025, the weakest quarter for the state in almost 12 years and a new low for this cycle,” stated HIA Executive Director Victoria, Keith Ryan.
Building Permit Levy changes you need to know about
The Victorian Government has introduced the State Taxation Further Amendment Bill 2025 into Parliament. This Bill includes a number of tax changes, including the much discussed congestion levy changes.