“Changes to existing capital gains tax and negative gearing arrangements on residential investment properties proposed by the Federal Opposition will dampen first home buyer capacity to save for their first home,” stated HIA’s Managing Director, Graham Wolfe.
“The fall in overseas migration that we have seen for the past 18 months has eased in the most recent quarter,” stated Tim Reardon, HIA’s Chief Economist.
“The price of land for new residential building has continued to rise despite a fall in demand,” said HIA Chief Economist Tim Reardon.
Residential property prices fell 2.4 per cent in the December quarter 2018, according to figures released by the Australian Bureau of Statistics (ABS).
“The amount of credit provided to housing investors in January 2019 was lower than in any month since 2011,” said Master Builders Australia’s Chief Economist, Shane Garrett.
“Lending for the purchase of a new home slowed rapidly in the last quarter of 2018 and data released shows that the speed of this decline accelerated in January 2019,” said Tim Reardon, HIA’s Chief Economist.
“The number of approvals for new home building started 2019 on a positive note with an increase of 2.5% during January (2019) in seasonally-adjusted terms,” according to Master Builders Australia’s Chief Economist Shane Garrett.
“The decline in expenditure on residential building became a stronger headwind for economic growth in the final quarter of 2018,” said Geordan Murray, HIA Senior Economist.
“Building approvals rose in January (2019) offsetting some of the significant drop experienced in December 2018 as the impact of the credit squeeze continued to affect the housing market,” said Tim Reardon, HIA’s Chief Economist.
“The 2018 calendar year set a record for residential building activity but the amount of building work being done by the industry is now slowing,” said Geordan Murray, HIA Senior Economist.