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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).
“Prices of home building materials grew by 1.4 per cent in the year to September 2024, significantly slower than other goods and services as measured by CPI,” stated HIA Economist, Maurice Tapang.
HIA members are invited to sign up for online Planning Portal training sessions. The free training sessions cover a range of topics from navigating the Planning Portal through to creating and submitting a Complying Development Certificate application.
HIA congratulates David Crisafulli and the incoming LNP government in Queensland on their election victory and welcomes the announcement today of Ministers and their portfolios.
Members are reminded that from 1 November 2024, a written notification must be sent to WorkSafe ACT prior to undertaking, or directing or allowing a worker to carry out any permitted work involving legacy engineered stone in the ACT.