The Governments plan to improve access to finance is necessary and the move will not only help thousands of new home buyers get into their first home sooner but will also help steer Australia out of the economic problems brought on by Covid-19, Managing Director HIA Graham Wolfe said.
The latest research report from the National Housing Finance and Investment Corporation (NHFIC) on the impact of COVID-19 on population growth and housing is a welcome contribution to policy thinking, and a powerful call to action for the Federal Government on stimulus and migration.
New ABS lending figures for July 2020 show that HomeBuilder has started to drive a recovery in loans for home building.
“New Home Sales data released today (16 September 2020) confirms that HomeBuilder will support building activity and protect jobs in the December 2020 quarter,” commented HIA Chief Economist, Tim Reardon.
While prices of Australian agricultural land are at record highs in many regions, the market is entering a new phase, with low – to no – growth in median prices forecast over the next 18 months, according to a new industry report.
The first shovel-ready project in Western Australia has been delivered under the state’s recent $223 million infrastructure boost, with upgrades on the Great Eastern Highway – Coates Gully Bridge now complete.
“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 Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI®) fell by 4.8 points to 37.9 in August 2020, with the pace of decline in business conditions worsening again after a pause in July (readings below 50 points indicate contraction in activity, with lower results indicating a faster rate of contraction).
Building a National Cabinet consensus to deal cohesively and practically with the tension between the health and economic impact of the virus is the overwhelming imperative to be drawn from the 7% fall in June 2020 quarter GDP.
“The HomeBuilder program has been very positive for the detached house sector but the impact of this program is yet to be seen in ABS approval data. The lift in detached house approvals in July (2020) is more likely reflect building application lodgement and processing returning to normal after the shut-down,” stated HIA Chief Economist, […]