“The full impact of HomeBuilder is now evident in the HIA’s New Home Sales Report with sales now 11.8 per cent higher in the seven months since restrictions came into effect than at the same time last year (2019),” commented HIA Chief Economist, Tim Reardon.
The Federal Government has given the rebuilding of the economy a big boost by removing overly restrictive lending requirements for finance lenders, including mortgage finance.
“The impact of HomeBuilder is now emerging in the ABS Building Approvals Data and there is a significant divergence between the outlook for detached and multi-unit dwellings,” stated HIA Economist, Angela Lillicrap.
“Housing finance figures released today ( September 9 2020) show that lending for the construction of a new home rose in July (2020) for the first time since February (2020), to the highest level in two years,” stated HIA’s Chief Economist, Tim Reardon.
“The HIA-Housing Affordability Index for the June (2020) quarter 2020 shows housing in Australia remains at its most affordable since 1999,” state Tim Reardon, HIA’s Chief Economist.
The Victorian Government is helping more people buy their dream home, with thousands of first home buyers spared millions of dollars in stamp duty costs over the past financial year.
“Prior to COVID-19, population growth had already fallen well below expectations as overseas migration and the natural rate of population growth fell. Left unchecked, this will lead to more subdued building activity over the decade ahead,” stated HIA’s Chief Economist, Tim Reardon.
The Property Council of Australia has warmly welcomed the NSW Government’s package of measures to help provide more and better housing choices for people who rent by boosting the growth of the ‘build-to-rent’ sector.
“The number of loans to owner occupiers for established homes fell by 9.1 per cent during May 2020 to the lowest monthly level on record,” commented HIA Chief Economist, Tim Reardon.
The Thodey Report provides a welcome perspective on options to overhaul federal-state financial relations and tax reform, but limits the prospect of meaningful reform by ruling out an enhanced GST as the mechanism to remove stamp duty and therefore boost the economy.
