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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.
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