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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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Detached house approvals picking up
“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.
State Budget is a missed opportunity to stimulate housing
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.
HIA supports bipartisan approach to planning reform NSW
“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.
Opposition pledge to remove stamp duty for first home buyers welcomed (Vic)
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.