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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
HIA welcomes funding boost to unlock 17,000 new homes for South Australia
“The Housing Industry Association (HIA) welcomes the joint Federal and South Australian government’s commitment of $801.5 million to unlock up to 17,000 new homes for South Australians, including nearly 7,000 for first home buyers” HIA Managing Director, Jocelyn Martin said today.
Third round HAFF funding important boost to the program
“It is pleasing to see today’s announcement of the opening of the third round of funding grants from the Housing Australia Future Fund (HAFF) to boost the delivery of much needed housing for those who require it most,” said HIA Managing Director, Jocelyn Martin.
Third round HAFF applications open
The Federal Government, through Housing Australia, has announced that the third round of the Housing Australia Future Fund (HAFF) funding, is now open for applications.
TasWater headworks proposal risks housing affordability
Today, HIA spoke to media regarding TasWater’s proposal to nearly double developer headworks charges for new residential connections from $3,514 to $7,048 per connection from 1 July 2026.