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The ABS released the Lending to Households and Businesses data for December 2023 today, which provides statistics on housing finance commitments.
“The ABS has been collecting data on lending for new homes since 2002, and today’s data shows the lowest number of these loans being issued on record,” added Mr Devitt.
“The steepest RBA rate hiking cycle in a generation has compounded the elevated costs of home building, seeing potential home buyers squeezed out of the market and fewer new homes commencing construction.
“This lack of new work means the pipeline of new housing supply approaching completion is now shrinking rapidly.”
“At this rate, Australia will not commence enough housing to meet National Cabinet’s target, falling well short of the 1.2 million new homes they want to see built in the next five years.
Today’s data reinforce the need for immediate action by Governments to improve planning regimes, reform taxes on housing, release more shovel ready land, reduce red tape, and address skilled worker shortages.
“These are some of the key measures needed to increase the construction of new homes and support the industry to build more of these much needed homes.”
“At a time of record population growth and acute shortages of rental accommodation, a dwindling supply of new homes threatens to worsen Australia’s housing crisis,” concluded Mr Devitt.
In original terms, the total number of loans issued for the construction or purchase of new homes in 2023 declined in all jurisdictions compared to the previous year, led by the Australian Capital Territory (-51.4 per cent) and followed by the Northern Territory (-33.5 per cent), Tasmania (-31.0 per cent), New South Wales (-30.9 per cent), South Australia (-27.1 per cent), Victoria (-26.2 per cent), Queensland (-21.8 per cent) and Western Australia (-15.6 per cent).
A beautifully executed renovation and two-storey extension of a 1900s period home in Wangaratta has been named HIA Northern Victoria Home of the Year at the 2025 HIA Northern Victoria Regional Housing Awards, held in Yarrawonga on Friday night.
The Hunter region's largest and most successful home and renovation show, the HIA Newcastle HOMESHOW, is set to return on Saturday, September 13, 2025, at the HIA Home Inspirations centre in Mayfield West.
“The expansion of the Home Guarantee Scheme announced by the Minister for Housing, Clare O’Neil MP, to take effect from 1 October 2025, will reduce the time to save a deposit by up to four years,” stated HIA Senior Economist Tom Devitt.
“The Victorian government’s approach to publishing housing targets for each council to achieve is a positive step but will not by itself improve housing supply or affordability” stated HIA Executive Director, Keith Ryan.