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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).
The Housing Industry Association (HIA) is urging the government to hit pause on the proposed Free TAFE Bill 2024. While the initiative promises to address critical skills shortages, HIA believes the plan needs a comprehensive review before it’s locked into law.
HIA provided a response to the Senate Education and Employment Committees on the inquiry into the Free TAFE Bill 2024.
The Housing Industry Association (HIA) welcomes the Coalition’s announcement allowing first home buyers to access up to $50,000 of their superannuation to purchase a home. This initiative represents a meaningful step towards addressing the significant barriers to home ownership faced by young Australians,” stated HIA Managing Director, Jocelyn Martin.
On behalf of all of us at HIA we would like to wish you a very happy 2025! As everyone heads back to work for the new year, we are sharing some exclusive member updates to get you ready for what lies ahead.