HIA welcomes the Government’s introduction of the National Housing Finance and Investment Corporation Bill (NHFIC) providing a platform to establish the First Home Loan Deposit Scheme announced during 2019’s Federal election.
The September 2019 GDP figure reflects the impact of the slow-down in housing construction activity on the Australian economy.
“First home buyers are continuing to take advantage of a less competitive environment and more affordable house prices. The number of loans to first home buyers was up by 1.3 per cent for the month and 4.0 per cent for the three months to July (2019),” stated HIA’s Economist, Angela Lillicrap.
There is no immediate end in sight to the new home building slump but a recovery is certainly on the horizon, according to forecasts released by Master Builders Australia.
“Sales for the three months to July (2019) increased by 6.1 per cent on the preceding quarter and remained down by 12.8 per cent compared to this time last year (2018),” stated HIA’s Chief Economist, Tim Reardon.
“The easing of wider economic and housing market conditions has given rise to a situation where monetary and fiscal stimulus is possible, without fear of overheating house prices,” stated HIA’s Chief Economist, Tim Reardon.
“Half of the cost of a house and land package in Sydney is red tape and taxes,” stated Tim Reardon, HIA’s Chief Economist.
Net Zero Energy Homes in Melbourne, Townsville, Canberra and Perth housing developments have been validated as achievable and affordable, but highlighted a market slow to pick up on easy opportunities for improved energy efficiency and thermal comfort.
More than 70% of Australians still consider property ownership to be the Great Australian Dream, new data has found.
“Building approvals in 2018/19 were 19.5 per cent lower than in the preceding year, making this the most significant market correction since the introduction of the GST,” stated HIA Chief Economist Tim Reardon.