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{{propApi.successMessage}} {{region}} Change locationHousing downturn accelerates
Housing downturn accelerates
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The ABS released the Lending to Households and Businesses data for January 2023 today.
“There were just 4,345 loans issued for the construction or purchase of a new home in January, the weakest month since November 2008, and 8.2 per cent down on the previous month,” added Mr Devitt.
“Owner occupiers and investors, alike, continue to retreat from the market. First home buyers, especially, were issued fewer loans in January 2023 than in any month in the last six years.
“Even lending for renovations – the part of the sector expected to hold up relatively well during this downturn – had its weakest month in almost two years.
“The data continues to reflect the weight of interest rate increases which occurred in 2022, and before the RBA increased the rate again in February, with the promise of more rate increases to come.
“There are significant lags evident in this cycle and we are unlikely to see the bottom in this data until the second half of the year, at the earliest.
“The higher cash rate is compounding the adverse impact of the rising cost of materials, labour and land as well as the increased costs of compliance with the building code.
“There remains a large volume of work underway that will be completed in 2023 and this will keep national unemployment exceptionally low until early 2024.
“By continuing to raise rates the RBA risks a longer and deeper slowdown in economic growth than is necessary,” concluded Mr Devitt.
The number of loans for the construction or purchase of new homes declined in most jurisdictions in January 2023 compared to the previous month, led by South Australia (-37.6 per cent), and followed by New South Wales (-37.2 per cent), Victoria (-32.4 per cent), Queensland (-25.1 per cent), Western Australia (-23.6 per cent) and Tasmania (-1.4 per cent). Increases were seen in the Northern Territory (+47.6 per cent) and the Australian Capital Territory (+24.0 per cent).
Lending for Purchase and Construction of a New Home
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