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{{propApi.successMessage}} {{region}} Change locationRate hikes hit lending for new home building
Rate hikes hit lending for new home building
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The ABS released the Lending to Households and Businesses data for September 2022 today. The data provides sobering statistics on housing finance commitments.
“The total value of housing loans also fell by a further 8.2 per cent in September, to be 18.5 per cent lower than at the same time in the previous year,” added Mr Ward.
“The RBA’s tightening is weighing heavily on demand for housing and the full impact will not emerge until the second half of 2023,” stated HIA’s Senior Economist Nick Ward.
“This slowing in housing finance data is consistent with other leading indications, such as HIA’s New Home Sales Survey, which have fallen more than 15% in the September quarter.
“If these trends are sustained, which is expected, then the 2.75 per cent increase in the cash rate so far will have brought this boom to an end.
“There is still a significant volume of work under construction that is sustaining employment across the economy. This is helping to keep the unemployment rate at exceptionally low levels. When this pool of work is completed, the full impact of this rate rising cycle on employment will emerge.
“There is a risk that this volume of work on the ground is obscuring the adverse impact of rising interest rates.
“These treacherous lags that characterise this housing cycle could result in the RBA weighing too heavily on households and businesses and jeopardising the housing industry’s future soft landing. Patience is required to see the full effect of rate increases to date,” concluded Mr Ward.
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RBA misses opportunity
“The RBA decision to keep interest rates in restrictive territory today will not stop the improvement in leading indicators of future home building,” stated HIA Senior Economist Tom Devitt.
Housing and Productivity Contribution Scheme Works-in-Kind Guideline
In mid-June 2025, the NSW Premier released the Housing and Productivity Contribution (HPC) Works-in-Kind Guideline for public consultation.
Government announces broader licensing powers and HBCA review
Today the State Government announced proposed changes to the regulatory powers to investigate registered builders who may be unable to meet the financial requirements of registration. The announcement also included a long-awaited review of the Home Building Contracts Act 1991 (HBCA) and associated laws.
HIA welcomes changes providing confidence for home building
Housing Industry Association welcomes today’s announcement by the Cook Labor Government to review key aspects of the home building contracts legislation and provide the building regulator with additional powers to work with builders in distress.