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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 Housing Industry Association (HIA) is pleased to see housing feature prominently at this week’s Economic Reform Roundtable particularly on cutting excessive red tape and streamlining environmental approvals, but as Treasurer Jim Chalmers has indicated more work is needed on easing housing construction,” said HIA Managing Director, Jocelyn Martin.
“As an industry association whose members are embedded in the Hunter and Mid North Coast communities, HIA welcomes the $50 million Housing Support Package announced by the Albanese and Minns Governments,” said HIA Hunter Executive Director Craig Jennion.
“The Housing Industry Association (HIA) welcomes today’s announcement by the Albanese Government in providing $300 million to support Australia’s future wood supply to meet increasing housing needs across the country,” said HIA Managing Director Jocelyn Martin.
“Today’s announcement on the successful take up of the HomeGrown Territory grant highlights the importance of this key housing support scheme that is spurring economic growth and kickstarting home building across the Territory,” stated HIA Executive Director - Northern Territory, Luis Espinoza.