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.
“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…
“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.
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.
“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.
The proportion of Australian households renting their home increased to 32 per cent in 2017–18, according to new figures released by the Australian Bureau of Statistics (ABS). This is an increase from 27 per cent in 1997–98.