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{{propApi.successMessage}} {{region}} Change locationLending for new homes at record lows
Lending for new homes at record lows
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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).
Lending for purchase and construction of a new home
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Detached house approvals picking up
“There were 9,490 detached homes approved in the month of April 2025, up by 3.3 per cent compared to the previous month,” stated HIA Senior Economist Maurice Tapang.
State Budget is a missed opportunity to stimulate housing
The Treasurer has handed down the 2025/26 Tasmanian Budget. The Budget focuses on alleviating cost of living pressures, health, education and infrastructure, while mapping out a path to a fiscal balance surplus in 2032/2033.
HIA supports bipartisan approach to planning reform NSW
“The NSW planning system has failed to deliver the number of homes we desperately need and we fully support removing the politics from housing, to address this growing crisis,” said Brad Armitage, HIA Executive Director NSW.
Opposition pledge to remove stamp duty for first home buyers welcomed (Vic)
The Victorian Opposition’s announcement that it would remove stamp duty for first-home buyers spending up to $1 million on a new or existing home if elected at next year’s state election, is a positive step towards improving home affordability,” says Steven Wojtkiw, HIA Victoria Deputy Executive Director.