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\u201cFinance approvals for the purchase of a block of land are now 69.9 per cent higher than in the same month last year, this is the first indication of the impact of HomeBuilder\u2019<\/p>\n
\u201cOne of the early decision-making stages of building a new home, is the purchase of a suitable block of land.<\/p>\n
\u201cThe surge in land sales should see a recovery in the number of slabs being poured as early as the December quarter, as customers proceed through the process to design and construct a new home.<\/p>\n
\u201cThis will protect employment in the residential building industry and across the economy into 2021.<\/p>\n
\u201cThis sudden increase in demand for residential land was experienced across all states.<\/p>\n
\u201cThe surge in lending for land purchases highlights a risk that the availability of residential lots where on-site work can begin within the time-frame of the HomeBuilder package could limit take up under the program,\u201d Mr Reardon concluded.<\/p>\n
Across the states, the number of loans to owner-occupiers for the purchase of residential land in July increased across all jurisdictions compared to July 2019.<\/p>\n
The largest increase was recorded in Queensland (+145.1 per cent), followed by Western Australia (+110.0 per cent), South Australia (+105.0 per cent), Tasmania (+100.0 per cent), New South Wales +65.0 per cent) and Victoria (+35.3 per cent).<\/p>\n","protected":false},"excerpt":{"rendered":"
The most recent housing finance figures released show that lending for the construction of a new home rose in July for the first time since February, to the highest level in two years according the Australian Housing Association (HIA). HIA\u2019s Chief Economist Tim Reardon says that not only does this data show that there has […]<\/p>\n