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{{propApi.successMessage}} {{region}} Change locationNew home lending strengthening
New home lending strengthening
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The ABS released the Lending Indicators data for the month of June 2024 today, which provides the latest statistics on housing finance commitments.
“The number of loans issued for the purchase and construction of a new home has been steadily increasing since the start of 2024, from a very low base,” added Mr Tapang.
“Market confidence appears to be stabilising following nine months without a change in interest rates.
“The number of loans issued for the purchase or construction of a new home increased by 9.2 per cent in the June quarter 2024 compared to the previous quarter.
“This quarterly increase was broad-based, with all states recording more loans issued for new homes in the June quarter 2024 than in the March quarter.
“This increase in lending is partially driven by a return of first home buyers to the market.
“The number of loans issued to first-home buyers in the June quarter 2024 was 5.8 per cent higher compared to the March quarter.
“This suggests that building activity is at, or near, the trough in this cycle.
The ABS also released its Producer Price Index series for the June quarter 2024, which provides the latest statistics on the price of inputs and home building materials.
“Following record high increases in the cost of building materials, the ABS has reported that price growth has returned to well-below the pre-pandemic rate.
“Prices of home building materials rose by 1.1 per cent in the year to June 2024. This is around half the rate of increase seen in the decade prior to the pandemic,” concluded Mr Tapang.
The number of loans issued for new homes in original terms increased by 53.2 per cent in Western Australia in the June quarter 2024 compared to the previous year. This was followed by the Northern Territory (+20.9 per cent), Queensland (+17.1 per cent), New South Wales (+5.3 per cent), the Australian Capital Territory (+5.2 per cent), Tasmania (+4.1 per cent), and Victoria (2.0 per cent). Lending for new homes in the June quarter 2024 fell in South Australia by 1.3 per cent compared to the same time in the previous year.
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