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{{propApi.successMessage}} {{region}} Change locationNo justification for a rate rise
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The ABS released the Lending to Households and Businesses data for August 2023 today, which provides statistics on housing finance commitments. It also released its monthly building approvals data for the same month for detached houses and multi-units covering all states and territories.
“Housing and finance data continues to be weighed down by the interest rate increases that the RBA commenced more than a year earlier,” added Mr Devitt.
“In the three months to August 2023 lending for the purchase or construction of a new homes was 30.3 per cent lower than at the same quarter a year earlier.
“Despite a small rise in building approvals in the month of August, building approvals remain 17.5 per cent lower in the latest three months compared to a year earlier. This includes a 15.8 per cent decline in detached houses and a 20.3 per cent decline in multi-units.
“This decline in building activity is in contrast to the low level of unemployment and strong population growth.
“The impact of the RBA’s tightening cycle is not expected to produce a trough in new house commencements until the second half of 2024.
“Any further increases in interest rates will deepen and prolong this trough,” concluded Mr Devitt.
In original terms, the total number of loans for the purchase of construction of new homes in the three months to August 2023 declined in all jurisdictions compared to the same quarterly period a year earlier, led by the Australian Capital Territory (-76.5 per cent) and the Northern Territory (-70.1 per cent), and followed by South Australia (-36.0 per cent), New South Wales (-32.0 per cent), Victoria (-29.1 per cent), Queensland (-28.5 per cent), Tasmania (-27.3 per cent) and Western Australia (-18.9 per cent).
In seasonally adjusted terms, building approvals in the three months to August 2023, compared to the same quarterly period a year earlier, declined in New South Wales (-25.7 per cent), followed by Tasmania (-25.5 per cent), Western Australia (-24.5 per cent), Queensland (-19.8 per cent), South Australia (-9.6 per cent) and Victoria (-8.0 per cent). In original terms, the Northern Territory also declined (-54.1 per cent), while the Australian Capital Territory saw the only increase (+0.3 per cent).
Lending for purchase and construction of a new home
Land prices a roadblock to 1.2 million homes target
“The median price of residential land sold nationally jumped by 6.8 per cent over the 2024/25 financial year, more than three times faster than consumer price inflation over the same period,” stated HIA Chief Economist Tim Reardon.
Time to stop playing politics and fast track overdue EPBC reforms
“The Housing Industry Association (HIA) is calling on all parties to park the games and fast track the delivery of the long overdue EPBC reforms by the end of this year,“ HIA Managing Director, Jocelyn Martin said today.
Audit must not slow delivery of new homes under HAFF
The Housing Industry Association (HIA) welcomes the announcement of an audit into the Housing Australia Future Fund (HAFF) but cautioned that the review should not delay or derail the urgent task of increasing Australia’s housing supply, HIA Managing Director Jocelyn Martin said today.
Rezoning paves the way for Gosford City Centre transformation
“The announcement that the NSW Government will fast-track a major rezoning of Gosford City Centre, unlocking 1,900 new homes across 283 hectares, provides an exciting opportunity for the Central Coast,” commented HIA Hunter Executive Director, Craig Jennion.