Landlords are poised to see further increase in rents as the market continues to remain slow.
According to the latest information from the Australian Bureau of Statistics, the value of new housing finance commitments fell in March, dropping by 1.6 per cent in trend terms and 0.1 per cent in seasonally adjusted terms.
Loans for construction saw a 1.1 per cent fall over the month and an 8.1 per cent drop over the quarter in seasonally adjusted terms.
More interestingly, loans for the purchase of new dwellings saw a monthly rise of 2.4 per cent but a quarterly drop of 20.1 per cent.Housing Industry of Australia chief economist Harley Dale said “The loss of momentum in the housing supply reform process has combined with heightened interest rate pressure to deal a telling blow to new residential construction at the very time when a sustained boost to supply was the required outcome”.
The HIA was particularly concerned by seasonally adjusted figures for the March quarter, which saw the number of owner occupier loans for new housing fall in all states and territories.
The ACT saw the biggest drop of 23.4 per cent, followed by Victoria (17.4 per cent), Queensland (14.9 per cent), Tasmania (13.5 per cent), the Northern Territory (12.1 per cent), New South Wales (10.2 per cent), South Australia (3.4 per cent) and Western Australia (0.5 per cent).
According to the latest information from the Australian Bureau of Statistics, the value of new housing finance commitments fell in March, dropping by 1.6 per cent in trend terms and 0.1 per cent in seasonally adjusted terms.
Loans for construction saw a 1.1 per cent fall over the month and an 8.1 per cent drop over the quarter in seasonally adjusted terms.
More interestingly, loans for the purchase of new dwellings saw a monthly rise of 2.4 per cent but a quarterly drop of 20.1 per cent.Housing Industry of Australia chief economist Harley Dale said “The loss of momentum in the housing supply reform process has combined with heightened interest rate pressure to deal a telling blow to new residential construction at the very time when a sustained boost to supply was the required outcome”.
The HIA was particularly concerned by seasonally adjusted figures for the March quarter, which saw the number of owner occupier loans for new housing fall in all states and territories.
The ACT saw the biggest drop of 23.4 per cent, followed by Victoria (17.4 per cent), Queensland (14.9 per cent), Tasmania (13.5 per cent), the Northern Territory (12.1 per cent), New South Wales (10.2 per cent), South Australia (3.4 per cent) and Western Australia (0.5 per cent).
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