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{{propApi.successMessage}} {{region}} Change locationNew home lending continues its downward trend
New home lending continues its downward trend
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The ABS released the Lending to Households and Businesses data for April 2023 today.
“The number of loans issued for the purchase or construction of a new home has fallen to a new low,” added Mr Devitt.
“The last time so few loans were issued for the purchase or construction of a new home was in September 2008, when the GFC caused a contraction in building.
“Lending for the purchase and construction of new homes in the three months to April 2023 was 31.5 per cent lower than at the same time last year.
“There are very long lags in this cycle and the full impact of the RBA’s rate increases are still to fully hit the housing market, let alone the broader economy.
“These low lending numbers reflect a lack of new work entering the pipeline at the same time that population growth is surging.
“There needs to be a structural increase in the number of homes being built across Australia, a fact recently acknowledged by the RBA.” concluded Mr Devitt.
In original terms, the total number of loans for the purchase of construction of new homes in the three months to April 2023 declined in all jurisdictions compared to the same quarter a year earlier, led by the Australian Capital Territory (-67.5 per cent), and followed by New South Wales (-34.9 per cent), South Australia (-32.1 per cent), Tasmania (-31.6 per cent), Western Australia (-31.3 per cent), Victoria (-29.5 per cent), Queensland (-27.4 per cent) and the Northern Territory (-5.1 per cent).
Lending for purchase and construction of a new home
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Home building materials prices still slower than CPI
“Home building materials have continued to experience only modest cost increases, up by 1.6 per cent in the 2024/25 financial year,” stated HIA Senior Economist, Maurice Tapang.
Productivity Commission backs HIA calls for major regulation overhaul
“Today’s interim report from the Productivity Commission overwhelmingly backs what HIA has long been saying - that the regulatory burden on businesses is getting worse in this country and there is need for a major overhaul on the approach to regulation,” said HIA Managing Director, Jocelyn Martin.
HIA welcomes key findings of interim Productivity Commission’s report
“The Housing Industry Association (HIA) welcomes the release of the Queensland Productivity Commission’s interim report into construction productivity It is a significant and necessary step toward overcoming the housing supply challenges facing Queensland,” said Michael Roberts, HIA Executive Director Queensland.
Building approvals pick up 2024/25
“New home building approvals in the 2024/25 financial year were up by 13.9 per cent compared to their 2023/24 trough,” stated HIA Senior Economist Tom Devitt.