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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).
Today the Tasmanian Government announced a Modular Housing Finance Guarantee aimed at improving access to finance for modular and prefabricated homes.
HIA’s response to the Proposed Changes to the Road Transport Contractual Chain Supply Order on fuel recovery costs.
“The Housing Industry Association (HIA) has today called for the Workplace Relations Legislation Amendment (Building Cooperative Workplaces No. 1) Bill 2026 to be referred to a parliamentary committee for thorough review and proper scrutiny, after the Bill was tabled in the House of Representatives with no prior consultation with industry,” said HIA Senior Executive Director Compliance and Workplace Relations, Stuart Collins.
“The Housing Industry Association (HIA), in partnership with the MidCoast Council, is pleased to be delivering a free Erosion and Sediment Control training workshop this month to support building professionals protect local waterways and meet compliance requirements,” said HIA Hunter Executive Director, Craig Jennion.