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{{propApi.successMessage}} {{region}} Change locationLending to build a new home continues to slow
Lending to build a new home continues to slow
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"The ABS released the Lending to Households and Businesses data for August 2022 today. The data provides sobering statistics on housing finance commitments."
“The decline in August brings the value of housing loans to its lowest level in almost two years, down by 15.4 per cent on three months earlier,” added Mr Devitt.
“The number of loans for the construction or purchase of new homes also declined by 4.5 per cent in August, to its lowest level since the March 2020 – the first month of the pandemic in Australia.
“Today’s data is consistent with other leading indications, such as HIA’s New Home Sales Survey, showing new home sales dropped in July and August in response to higher interest rates.
“If these trends are sustained, which is expected, then the 2.25 per cent increase in the cash rate so far will have brought this pandemic building boom to an end.
“There is still a significant volume of work under construction that is driving economic activity across the economy and keeping the unemployment rate at exceptionally low levels. When this pool of work is completed, the full impact of this rate rising cycle will emerge.
“There remains a risk that this volume of ongoing work will obscure the adverse impact of rising interest rates.
“These treacherous lags that characterise this housing cycle could result in the RBA weighing too heavily on household finances and jeopardising the housing industry’s future soft landing,” concluded Mr Devitt.
Lending for Purchase and Construction of a New Home
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NCC 2025 preview released
The final content of NCC 2025 has been released today as a ‘preview’ by the Australian Building Codes Board (ABCB) on its website ahead of potential adoption later this year in most states and territories.
Extension of Home Building Grants to 2027
The Northern Territory Government has announced the extension of the $50,000 and $30,000 Home Building Grants till September 2027.
HomeGrown grant extension to 2027 key to driving growth in the Territory
“Today’s announcement on the continuation of the HomeGrown build grants through to September 2027, will provide builders and tradies across the Territory with confidence to plan projects, retain workers and invest in local capability,” stated HIA Executive Director Northern Territory, Luis Espinoza.
Raising interest rates to fight housing-driven inflation is like killing the patient to cure the fever
If governments continue to rely on higher interest rates and the RBA alone to manage inflation, they risk prolonging inflation, higher unemployment and worsening affordability all at the same time.