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{{propApi.successMessage}} {{region}} Change locationLending for home building continues to fall under RBA pressure
Lending for home building continues to fall under RBA pressure
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The ABS released the Lending to Households and Businesses data for October 2023 today, which provides statistics on housing finance commitments.
“Lending for the construction and purchase of new homes in October rose 1.8 per cent compared to the previous month.
“This leaves lending for the construction and purchase of a new home 22.4 per cent lower than at the same time the previous year and at their lowest level since the GFC,” stated Mr Reardon.
“This low volume of lending has been sustained since the start of 2023 and will see new home construction continue to slow through 2024, despite the need to increase the supply of new homes.
“This poor result was recorded before the rise in the cash rate in November.
“There is no justification for further rate increases. Leading indicators of activity all show that the rise in the cash rate will cause activity to slow in 2024.
“The RBA needs to pause on any further rate increases and wait for the full impact of their actions to date to flow through to the wider economy.
“Not only are rising rates making it harder to address the acute shortage of housing stock, but the loss of skilled trades from the building industry will also make a recovery in home building increasingly slow.
“The industry requires stable and reliable economic settings to avoid an ongoing market roller coaster,” concluded Mr Reardon.
In original terms, the total number of loans for the purchase of construction of new homes in the three months to October 2023 declined in all jurisdictions compared to the same quarterly period a year earlier, led by the Northern Territory (-58.2 per cent) and the Australian Capital Territory (-53.6 per cent) and followed by New South Wales (-29.3 per cent), Tasmania (-29.2 per cent), Victoria (-25.9 per cent), Queensland (-20.1 per cent), South Australia (-18.9 per cent) and Western Australia (-1.5 per cent).
Lending for purchase and construction of a new home
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Higher rates will not build more homes
“Today's increase in interest rates will further reduce the number of new homes Australia builds at the time when increased supply is the only sustainable solution to the affordability challenge,” stated HIA Senior Economist Tom Devitt.
HIA welcomes recommissioning of Cardup Brickworks
The Housing Industry Association (HIA) has welcomed the Cook Government's support for the recommissioning of the Austral Brickworks facility at Cardup, describing the decision as an important step towards improving building material supply and supporting the delivery of homes and infrastructure across Western Australia.
Cardup Brickworks to recommence operations
HIA welcomes the announcement that Brickworks will recommence operations at its Cardup brickworks facility, supported by the WA Government.
Half of regional Tasmania's new homes approved in just four council areas
Half of all new homes approved across regional Tasmania in the past year were in just four council areas around Launceston, new HIA analysis of ABS building approvals data shows.