{{ propApi.searchIcon }}
{{ propApi.closeIcon }}
Our industry
Our industry $vuetify.icons.faArrowRight
Housing industry insights Economics Insights Data & forecasts Tailored research & analysis Advocacy & policy Advocacy Policy priorities Position statements Submissions News & inspiration Industry news Member alerts Media releases HOUSING Online
Business support
Business support $vuetify.icons.faArrowRight
For your business Contracts Online Safety systems & solutions Advertise jobs HIA SafeScan Member perks Toyota vehicles The Good Guys Commercial Ampol fuel savings See all Industry insurance HIA Insurance Services Construction works insurance Home warranty insurance Tradies & tool insurance Apprentices Why host a HIA apprentice? Hire an apprentice Support & guidance Contracts & compliance support Building & planning services
Resources & advice
Resources & advice $vuetify.icons.faArrowRight
Building it right Building codes Australian standards Getting it right on site See all Building materials & products Concrete, bricks & walls Getting products approved Use the right products for the job See all Managing your business Dealing with contracts Handling disputes Managing your employees See all Managing your safety Safety rules Working with silica See all Building your business Growing your business Communication for your business See all Other subjects Getting approval to build Sustainable homes See all
Careers & learning
Careers & learning $vuetify.icons.faArrowRight
A rewarding career Become an apprentice Apprenticeships on offer How do I apply? Frequently asked questions Study with us Find a course to suit you Qualification courses Learning on demand Professional development courses A job in the industry Get your builder's licence Continuing Professional Development (CPD) Further your career Find jobs
HIA community
HIA community $vuetify.icons.faArrowRight
Join HIA Sign me up How do I become a member? What's in it for me? Mates rates Our podcasts Made To Build Built Different HIA Building Australia Building the Hunter Our initiatives HIA Building Women GreenSmart Kitchen, bathroom & design hub Get involved Become an award judge Join a committee Partner with us Support for you Charitable Foundation Mental health program Get to know us Our members Our people
Awards & events
Awards & events $vuetify.icons.faArrowRight
Awards Awards program People & Business Awards GreenSmart Australian Housing Awards Awards winners Regional Award winners Australian Housing Award winners 2025 Australian Home of the Year Enter online Industry events Events in the next month Economic outlook National Conference Events calendar
HIA shop
HIA shop $vuetify.icons.faArrowRight
Most popular products National Construction Code Vol 1 & 2 Waterproofing wet areas AS 3740:2021 HIA Guide to Waterproofing HIA Guide to NCC Livable Housing Provisions Top categories Building codes & standards Contracts & documents Guides & manuals Safety products Signage For your business Contracts Online Digital Australian Standards Digital Resource Library Forecasts & data
About Contact Newsroom
$vuetify.icons.faTimes
$vuetify.icons.faMapMarker Set my location Use the field below to update your location
Address
Change location
{{propApi.title}}
{{propApi.text}} {{region}} Change location
{{propApi.title}}
{{propApi.successMessage}} {{region}} Change location

$vuetify.icons.faPhone1300 650 620

Lending for new homes at record lows

Media release

Lending for new homes at record lows

Media release
“There were only 51,570 loans issued in 2023 for the construction or purchase of a new home, less than half the number of loans issued just two years earlier in 2021,” stated HIA Senior Economist Tom Devitt.

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).

Lending for purchase and construction of a new home

Source: ABS

For more information please contact:

Thomas Devitt

Senior Economist

Simon Croft

Chief Executive - Industry & Policy
Latest articles
View all news $vuetify.icons.faArrowRight
08 Sep
R&R Quality Homes and Commercial Constructions wins 2025 HIA Northern Victoria Home of the Year award

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.

05 Sep
HIA Newcastle HOMESHOW returns with expert advice and family fun

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.

05 Sep
Up to four years taken off the time to save for a home

“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.

02 Sep
Council housing targets need review to reflect housing Victorian's want

“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.