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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).
“The RBA decision to keep interest rates in restrictive territory today will not stop the improvement in leading indicators of future home building,” stated HIA Senior Economist Tom Devitt.
In mid-June 2025, the NSW Premier released the Housing and Productivity Contribution (HPC) Works-in-Kind Guideline for public consultation.
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.
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.