Enter your email and password to access secured content, members only resources and discount prices.
Did you become a member online? If not, you will need to activate your account to login.
If you are having problems logging in, please call HIA helpdesk on 1300 650 620 during business hours.
If you are having problems logging in, please call HIA helpdesk on 1300 650 620 during business hours.
Enables quick and easy registration for future events or learning and grants access to expert advice and valuable resources.
Enter your details below and create a login
The ABS released the Lending to Households and Businesses data for February 2024 today, which provides statistics on housing finance commitments.
“The number of loans issued for the purchase and construction of new homes increased by 3.6 per cent in February compared to the previous month,” added Mr Reardon.
“Despite this rise, lending to build and purchase a new home remained 3.6 per cent lower in the three months to February 2024 than at the same time last year.
“This is a deeper and more sustained downturn in lending for home building than any other period observed in the past 20 years.
“This low level of lending is consistent with other leading indicators of home building activity, such as new home sales and building approvals, which continue to signal an ongoing slowing in the volume of homes commencing construction.
“The rise in the cash rate is the primary cause of this poor result in new home lending. Higher interest rates are compounding the impact of the rise in the cost of construction caused by elevated land, labour and material prices.
“This is further exacerbated by macroprudential rules that remain overly restrictive.
“The slowing in lending is most evident in the largest states of New South Wales and Victoria. Since interest rates were raised in May 2022, new home lending in these two states have fallen by more than one-third.
“The slowing in home building activity appears set to continue and will drag on economic growth through the rest of this year," concluded Mr Reardon.
In original terms, the total number of loans issued in the three months to February 2024 for the construction or purchase of new homes rose in Western Australia by 28.2 per cent compared to the previous year, followed by South Australia (+6.7 per cent) and Queensland (+0.5 per cent). The other jurisdictions saw declines in new home lending compared to the previous year, led by the Northern Territory (-34.3 per cent), followed by Tasmania (-31.8 per cent), the Australian Capital Territory (-27.9 per cent), New South Wales (-12.4 per cent), and Victoria (-5.9 per cent).
“An investment in new home building from the Future Fund would support increasing housing supply and could be used to overcome structural barriers to increasing the supply of new apartments which are vital to addressing Australia’s housing shortages,” stated Jocelyn Martin, HIA Managing Director.
HIA is proud to support the first Bricklaying Job Ready program in Geraldton that commenced on 4 November this year. The program has come as the result of hard work and collaboration from Brick & Block careers, Central Regional TAFE and the Western Australian Government.
The Housing Industry Association (HIA) in the ACT & Southern NSW has announced the year’s winning homes, kitchens and bathrooms on Saturday 16 November, celebrating exceptional builds across the region.