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The ABS released the Lending to Households and Businesses data for October 2022 today. The data provides sobering statistics on housing finance commitments.
“Home buyers continued to retreat from the housing market in October, as rising interest rates diminished their borrowing capacity,” added Mr Reardon.
“The total value of housing loans issued in October declined by a further 2.7 per cent leaving them 14.6 per cent lower than in the same quarter last year.
“The declines were seen in all market segments, with lending to first home buyers, owner occupiers and investors continuing to fall in October.
“Lending to owner-occupiers fell to its lowest level in over two years.
“This slowing in housing finance data is consistent with other leading indicators, such as HIA’s New Home Sales Survey, which shows sales have fallen by 37 per cent in the four months to October.
“The RBA has already undertaken its steepest hiking cycle in a generation, lifting their benchmark cash rate by 2.75 per cent in just six months.
“Further hikes would deepen and prolong the trough in building activity that is emerging.
“There is a risk that the RBA will go too far and need to cut interest rates again to support employment across the economy.
“The risks to household and business finances from such an aggressive hiking cycle are clear. A deep and prolonged trough in home building activity will jeopardise the housing industry’s ‘soft landing’.
“The RBA will not restore the economy to stable growth by putting the building industry through boom-and-bust cycles,” concluded Mr Reardon.
The change in the number of loans for the construction or purchase of new homes was mixed between jurisdictions in the month of October, declining in Tasmania (-14.6 per cent), Queensland (-0.7 per cent), South Australia (-0.3 per cent) and Western Australia (-0.1 per cent), while increases were seen in the Australian Capital Territory (+201.8 per cent), New South Wales (+10.3 per cent), Victoria (+4.4 per cent) and the Northern Territory (+3.7 per cent).
With the delay to decisions on the content of NCC 2025, the ABCB has published a further amendment to the current NCC 2022 which applies from 29 July 2025. The purpose of this minor amendment is to align the NCC with recent changes to the Premises Standards which apply to Class 3 to 9 public buildings, common areas of Class 2 apartment buildings and short-term accommodation
“HIA alongside a group of construction leaders and Standards Australia came together today at Parliament House, to present a united front in getting easier access to Australian Standards in the hands of those who need them most,” said HIA Managing Director, Jocelyn Martin.
HIA has made a comprehensive suite of submissions to the Productivity Commission ahead of the upcoming Treasurer’s Economic Reform Roundtable on 19-21 August.
The Housing Industry Association (HIA) is calling on Treasurer Jim Chalmers to put housing at the centre of the upcoming Economic Reform Roundtable.