Figures for November 2018 show that new approvals for dwellings are down to their lowest since August 2013 as the chill from the credit crunch becomes even more visible.
The Victorian Government is boosting land supply and making housing more affordable, with two new communities in Melbourne’s north-west.
“The removal of the restriction on interest-only lending is essential to addressing the concerning decline in credit growth for new housing,” said Tim Reardon, HIA Principal Economist.
“After a string of weak months, it is pleasing to see new home sales finishing the year on a slightly more positive note,” said Geordan Murray, HIA Senior Economist.
The Property Council of Australia has welcomed Labor’s announcement it will support incentives to meet the need for affordable housing for low to middle income earners.
Sensible heads need to prevail regarding Australia’s immigration policy said the Housing Industry Association, following COAG’s determination to make population planning and management a standing item on their agenda.
“The strength of new home building in Victoria has once again kept it ahead of New South Wales as the number one state on the Housing Scorecard,” stated HIA’s Acting Principal Economist, Geordan Murray.
Master Builders Australia’s Chief Economist Shane Garrett said the latest housing finance data showed that, “The three months to October 2018 were the worst for housing loans to investors in over 5 years.”
The Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI®) declined by 1.9 points to 44.5 in November 2018, signaling a third consecutive month of decline and the sharpest rate of contraction since February 2015 (readings below 50 indicate contraction in activity, with the distance from 50 indicating the strength of the […]
“After a string of soft results, home lending activity rose by 2.3 per cent in October 2018,” said HIA Acting Principal Economist, Geordan Murray.