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{{propApi.successMessage}} {{region}} Change locationNo more rate hikes needed: new home lending falls to lowest level in three years
No more rate hikes needed: new home lending falls to lowest level in three years
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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).
Housing Loans, by Market Segment, $M
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Detached house approvals picking up
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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.