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{{propApi.successMessage}} {{region}} Change locationRate increase risks unnecessary slowdown
Rate increase risks unnecessary slowdown
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“Loans for the purchase and construction of a new home fell in January to the weakest month since November 2008. This is before the full impact of rate increases in 2022 hit the market, let alone the February 2023 increase.
“There are significant lags evident in this cycle and the full impact of higher cash rates will not be fully reflected in economic indicators 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 due to changes to the building code.
“There remains a large volume of work underway that will be completed in 2023 which is obscuring the adverse impact of rate rises on other indicators such as unemployment and economic growth.
“By continuing to raise rates the RBA will inflict further unnecessary pain on the $120 bn housing sector and related industries,” concluded Mr Reardon.
Lending for Purchase and Construction of a New Home
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Changes to NSW dual occupancy controls in certain local government areas
Recent changes to planning controls made by the NSW Government further extend permissibility for dual occupancy development in NSW.
Supporting the next generation of builders is key to WA’s housing future
Western Australia’s construction industry has faced significant disruption over the past five years, with rising costs, supply chain challenges, and economic uncertainty contributing to the loss of hundreds of registered builders and many more contractors across the state. As the housing market continues to grow and demand for new homes intensifies, rebuilding the builder base is critical — and that starts with supporting new entrants through the builder registration process.
Builder Support Program – supporting the next generation of builders
Over the past five years, Western Australia’s construction industry has experienced significant disruption. Rising costs, supply chain challenges and economic uncertainty have contributed to the loss of hundreds of registered builders and many more contractors across the state. As demand for new housing continues to grow, rebuilding our builder base is essential — and that starts with supporting new entrants through the builder registration process.
HIA welcomes Premier’s acknowledgement on Homes Tasmania performance
The Housing Industry Association (HIA) welcomes the Premier’s acknowledgment in Question Time today that he is “...less than satisfied with Homes Tasmania’s performance…”.