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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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New rules add thousands to the cost of a new home as Tasmania falls years behind on housing
From today, every new home built in Tasmania must meet the full Livable Housing Design requirements. The Housing Industry Association says this adds thousands of dollars to the cost of building a home, at a time when Tasmanians can least afford it.
Rules for managing the risk of falls have changed - are you up to date?
Changes to Western Australia's requirements for managing the risks of falls will commence on 1 October 2026, introducing new expectations for builders, contractors and workers undertaking tasks where there is a risk of falling.
Livable Housing Design: final stage now in force
As of today, 1 October 2026, all new building work in Tasmania, unless exempt, must comply with all requirements of Part H8 Livable Housing Design of NCC Volume Two.
ACT housing approvals slump puts 2030 target under pressure
“The ACT’s housing supply pipeline is weakening, with building approvals in the three months to August halving compared with a year earlier,” said HIA Executive Director ACT and Southern NSW, Geordan Murray.