{{propApi.title}}
{{propApi.text}} {{region}} Change location{{propApi.title}}
{{propApi.successMessage}} {{region}} Change location {{propApi.title}}
{{propApi.text}} {{region}} Change location{{propApi.title}}
{{propApi.successMessage}} {{region}} Change locationBuilding and lending approvals stall under weight of the RBA
Building and lending approvals stall under weight of the RBA
Member and guest login
Enter your email and password to access secured content, members only resources and discount prices.
Did you become a member online? If not, you will need to activate your account to login.
If you are having problems logging in, please call HIA helpdesk on 1300 650 620 during business hours.
Forgotten password
Need some help?
If you are having problems logging in, please call HIA helpdesk on 1300 650 620 during business hours.
If the email address you have entered is registered, you will receive an email with further instructions.
Become part of the HIA community
Enables quick and easy registration for future events or learning and grants access to expert advice and valuable resources.
Create a guest account
Enter your details below and create a login
The ABS released the Lending to Households and Businesses data for February 2023 today, as well as the same month’s building approvals data for detached houses and multi-units covering all states and territories.
“February saw the fewest loans issued for the purchase or construction of a new home in almost 15 years,” added Mr Reardon.
“Loans for new homes in February fell even further from its holiday low in January, down by 3.4 per cent to 4,267. The last time so few loans were issued for new homes was in November 2008.
“Owner occupiers and investors, alike, continue to retreat from the market. 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 impact of the RBA’s tightening cycle has been evident in weakening finance data for a number of months and this is now flowing through to building approvals that are also around decade lows.
“While approvals for new houses in February bounced back from their holiday low, they remain 13.6 per cent lower than a year earlier. Approvals for multi-units also fell by 8.4 per cent in February, to be down by 51.9 per cent on a year earlier, with many projects recently being delayed in the face of labour and materials uncertainties.
“The large pool of building work that existed when the RBA started to increase the cash rate in May 2022, has been eroded.
“This slowing in home building will undermine the achievement of the Australian government’s target of one million new homes over the next five years and with migration at record levels, affordability will deteriorate further.
“Every state and territory needs to take action to attract remove blockages in the housing sector to improve the supply of new homes,” concluded Mr Reardon.
In seasonally adjusted terms, the total number of homes approved in February 2023 declined in most jurisdictions compared to the same month a year earlier, led by Victoria (-45.0 per cent) and New South Wales (-42.2 per cent), followed by Western Australia (-22.2 per cent) and South Australia (-8.9 per cent). Queensland (+14.7 per cent) and Tasmania (+11.8 per cent) saw increases, while in original terms, declines were seen in the Australian Capital Territory (-62.3 per cent) and the Northern Territory (-35.5 per cent).
Lending for purchase and construction of a new home
For more information please contact:
Housing and Productivity Contribution Scheme Works-in-Kind Guideline
In mid-June 2025, the NSW Premier released the Housing and Productivity Contribution (HPC) Works-in-Kind Guideline for public consultation.
Government announces broader licensing powers and HBCA review
Today the State Government announced proposed changes to the regulatory powers to investigate registered builders who may be unable to meet the financial requirements of registration. The announcement also included a long-awaited review of the Home Building Contracts Act 1991 (HBCA) and associated laws.
HIA welcomes changes providing confidence for home building
Housing Industry Association welcomes today’s announcement by the Cook Labor Government to review key aspects of the home building contracts legislation and provide the building regulator with additional powers to work with builders in distress.
Interest rate cuts boost building approvals
“Two cuts to the cash rate have seen the volume of detached house building approvals rise to be 3.2 per cent higher than the same month last year,” stated HIA Senior Economist Tom Devitt.