Search Results for: Shane Garrett
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NEWS
Detached house building approvals hit a 20-year high
"October 2020 was the best month for new detached house building approvals in almost 21 years,"Master Builders Australia Chief Economist Shane Garrett said. During October 2020, a total of 10,936 new detached houses received building approval. The last time a higher figure was recorded was back in February 2000. "The…
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INDUSTRY NEWS
Owner-occupiers lead the uptick in new lending
New lending is back on the rise after increasing 2.2 per cent in August, however, the overall level of lending remains down on last year.
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INDUSTRY NEWS
Building approval drop adds more fuel to the housing crisis
The housing crisis across the country could get worse after building approvals dropped to their lowest level in a decade, according to experts.
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INDUSTRY NEWS
New dwelling commencements near decade low
New home starts across the country declined last quarter as the industry worries that a lack of new supply in the pipeline will exacerbate the housing crisis.
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INDUSTRY NEWS
Refinancing hits a record high as borrowers try to combat rising rates
Rising interest rates are pushing increasing numbers of borrowers to refinance in search of lower interest rates, while new loans have continued to decline according to new data.
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NEWS
First home buyers surge to decade high
First home buyers are back and ready to buy, with the latest Australian Bureau of Statistics figures indicating new loans to first time buyers have hit their highest level since 2009 in seasonally adjusted terms. Releasing their figures on Tuesday, the ABS said the value of new loan commitments to first home buyers rose 6.2…
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INDUSTRY NEWS
ABS data shows new lending has dropped to lowest levels in four years
The latest ABS housing figures show new lending has dropped to the lowest levels since August 2014 and lending to housing investors is at the lowest it’s been since 2013. The seasonally adjusted figures from September show an overall drop in lending of 3.8 per cent from the previous month. Owner-occupiers fell the most, down 4.2 per cent from last…
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NEWS
First-home buyers come out on top in June, according to new ABS data
First-home buyers are currently dominating owner-occupier housing loans, with the number rising again in June 2018 to the highest rate since October 2012. The ABS housing finance figures for June 2018 show that FHBs now account for 18.1 per cent of owner-occupier home loans. The number of FHB owner-occupier loans has now increased by 11.4 per cent over the last…
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INDUSTRY NEWS
Stamp Duty Revenue Hits New Record
“Australian homebuyers paid out over $21 billion in stamp duty to state governments during the 2017/18 financial year – and the total cost of the tax is expected to get even bigger over the next few years,” explained HIA Senior Economist, Shane Garrett. HIA’s Stamp Duty Watch report, released today, reviews the latest developments around stamp duty across Australia’s eight…
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INDUSTRY NEWS
Melbourne dominates population and residential hotspots in latest HIA report
HIA has revealed Australia’s strongest markets for home building in their HIA Population & Residential Building Hotspots report for 2018. “Melbourne has dominated this year’s report, with 12 of Australia’s top 20 building growth areas all located around Victoria’s capital,” said HIA’s Senior Economist, Shane Garrett. “According to the HIA Population & Residential Building Hotspots Report 2018, the Mickleham-Yuroke area…
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INDUSTRY NEWS
Affordability improving in most capital cities: HIA
“Affordability improved in most of Australia’s capital cities during the first three months of 2018 as house price pressures eased,” said Shane Garrett, HIA Senior Economist. HIA’s Affordability Index is calculated for each of the eight capital cities and regional areas on a quarterly basis and takes into account latest dwelling prices, mortgage interest rates and wage developments. The results…
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INDUSTRY NEWS
National property growth slows as Hobart booms
New data from the ABS for the December 2017 quarter shows a big change in the pattern of growth across Australia’s cities. Residential property prices rose 5 per cent through the year to December quarter 2017, with growth easing from the September (+8.3 per cent) and June (+10.2 per cent) quarters 2017. Sydney’s slump was buoyed by other states, including…
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INDUSTRY NEWS
First Home Buyer Share Reaches Five-Year High, HIA
The January 2018 housing finance figures show that the First Home Buyer share of owner-occupier mortgage volumes is the highest it’s been for five years. “During January, First Home Buyers accounted for 18 per cent of home mortgage loans to owner occupiers. This is the highest monthly share in over five years,” explained Shane Garrett HIA Senior Economist. “First Home…
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INDUSTRY NEWS
Feb 2018: Interest rates on hold, Industry reaction
The RBA has left the cash rate on hold in their first board meeting for 2018, deciding at their first meeting of the year to leave the cash rate unchanged at 1.50 per cent. RBA Governor Dr Philip Lowe noted while inflation remains low globally, higher commodity prices and tight labour markets are likely to see inflation increase over the…
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NEWS
Rental Inflation at 25-Year Low
“The pace of rental price growth dipped to just 0.6 per cent in 2017, the slowest pace of growth since 1993,” commented HIA Senior Economist Shane Garrett. These figures are contained in the ABS Consumer Price Index release for the December 2017 quarter published today. “For families reliant on the rental market, the deceleration in rents is welcome news. “The…
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NEWS
New home approvals hit a 15 month high based on strong growth in Victoria
Today’s Australian Bureau of Statistics data shows the total value of Victorian building approvals increased by 28.5 per cent to $4.6 billion in November 2017, and is up 67.2 per cent over the year, the highest level since August 2016. Victoria, Tasmania and WA are the three states showing the largest increases, with Victoria by far showing the strongest growth…
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NEWS
RBA rates remain on hold
In its last meeting for 2017, The Reserve Bank of Australia has today decided to keep the official cash rate on hold at 1.5%. At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent – https://t.co/ahK2GWuwLx — RBA (@RBAInfo) December 5, 2017 “Australia will kick off 2018 with ultra-low interest rates following this…
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INDUSTRY NEWS
Dwelling approvals rise by 1.8 per cent in September
Shane Garrett, HIA Senior Economist, said the figures are a positive indication, especially when considered in context of the whole quarter. “During the September 2017 quarter overall, total approvals for new dwellings were up by 5.1 per cent. This was driven by an expansion of 7.6 per cent in multi-unit projects,” Mr Garrett said. “Activity on the apartment side of…
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NEWS
New home sales decline further from peak: HIA
New home sales declined 6.1 per cent during September 2017, following a decline that started in 2015, according to the HIA. The results are according to the latest edition of the HIA New Home Sales Report which gauges sales activity in residential building across the five largest states. During September 2017, new detached house sales fell by 4.5 with a…
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INDUSTRY NEWS
Trades demand stabilises: HIA
“During the September 2017 quarter, the HIA Trades Availability Index indicated that there is a sufficient supply of skilled trades available to the housing industry,” said HIA’s Senior Economist, Shane Garrett. According to the HIA, in most situations, the trades required are readily available on the market. The HIA Trades Report provides a quarterly review of the availability of skilled…
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INDUSTRY NEWS
House building boom in 1980’s set to bolster opportunities for reno market in next decade: HIA
HIA released its latest edition of the HIA Renovations Roundup Report yesterday. The Report is a review of Australia’s $32 billion home renovations market. The publication analyses latest developments in home renovations activity and reveals the results of the exclusive renovations market survey. The Report also provides state-by-state forecasts of future renovations activity. “Our analysis shows a strong correlation between…
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INDUSTRY NEWS
First home buyers coming back to the market while investor lending and housing starts are cooling
REIA President Malcolm Gunning said the proportion of first home buyers, as part of the total owner-occupied housing finance commitments, rose to 17.2 per cent and is the highest proportion since July 2013. “The number of first home buyer commitments increased by 14.0 per cent for the month and is the highest since December 2009,” Mr Gunning said. “By contrast,…
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INDUSTRY NEWS
Sydney and Melbourne drive property price rise of 1.9 per cent
Price rises in Sydney (2.3 per cent) and Melbourne (3.0 per cent) were partially offset by falls in Perth (0.8 per cent) and Darwin (1.4 per cent). “Residential property prices, while continuing to rise in Melbourne and Sydney this quarter, have begun to moderate. Annual price movements ranged from -4.9 per cent in Darwin to +13.8 per cent in Sydney…
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INDUSTRY NEWS
Home renovations boost GDP growth
The ABS released the Australian National Accounts yesterday which reported that GDP increased by 0.8 per cent during the quarter to be 1.8 per cent higher than a year ago. “Solid growth in home renovations activity contributed to a pick up in the pace of economic growth in the June 2017 quarter,” Housing Industry Association’s senior economist. Shane Garrett said.…
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INDUSTRY NEWS
Vacant land lot prices increasing and creating housing affordability issues: HIA
“Land price increases in Australia are unrelenting,” HIA Senior Economist Shane Garrett said. “The substantial increase in the price of residential land continues to be the single biggest factor behind recent deteriorations in housing affordability,” Mr Garrett said. The HIA-CoreLogic Residential Land Report shows that a typical vacant lot of land for housing increased in price by 2.1 per cent…
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NEWS
RBA leaves rates on hold in August 2017
In his statement, RBA governor Dr Philip Lowe expressed a degree of concern about the impact a stronger Australian dollar is having on economic activity. The Australian dollar exchange rate remains at above 80 US cents. “The higher exchange rate is expected to contribute to subdued price pressures [inflation] in the economy,” Dr Lowe said. He also commented on the…
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NEWS
HIA: New home sales hit lowest level since 2013, while housing affordability continues to decline
New home sales in Australia’s largest states hit their lowest level since October 2013, with sales sliding in both the detached house and multi-unit sides of the market, according to the latest HIA New Home Sales Report. New homes sales declined by 6.9 per cent in June compared with the previous month and were 11.9 per cent lower than the…
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NEWS
HIA: Back-to-Back Increases for New Home Sales
Large increases in Queensland and New South Wales drove new home sales higher for the second consecutive month during May 2017 according to the latest edition of the Housing Industry Association’s New Homes Sales Report. During the month of May 2017, total new home sales increased by 1.1 per cent. This was helped by a 2.2 per cent increase in…
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NEWS
RBA leaves cash rate unchanged
The Reserve Bank of Australia (RBA) has announced they will leave the cash rate unchanged at 1.5 percent after its monthly meeting yesterday. RBA Governor Philip Lowe said the broad-based pick-up in the global economy is continuing, but while he had an optimistic tone on strength of the labour market, he said wage growth remains low and this was likely to…
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INDUSTRY NEWS
Housing Affordability Records Improvement: HIA
The latest Housing Industry Association (HIA) report indicates that there has been a steady improvement in housing affordability during the opening months of 2017. HIA senior economist, Shane Garrett in a statement said that during the March 2017 quarter, the HIA Affordability index improved by 1.9 percent – and is 1.2 percent better than this time last year. “The improvement…
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NEWS
New Home Approvals Hits A Six-Month High: HIA
New building approvals for February has hit a six-month high the Housing Industry Association (HIA) said in a statement on Monday. HIA senior economist Shane Garrett said new dwelling approvals for February reached its highest level since August of last year, according to figures released by the Australian Bureau of Statistics. In seasonally-adjusted terms, total new dwelling approvals increased by…
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INDUSTRY NEWS
New home building activity to move back a notch Australia-wide this year
New home building activity in Australia is forecasted to move back a gear in this year from the record highs seen in the past 12 months, said Housing Industry Association latest national outlook report which was released yesterday. “New dwelling starts hit an all-time high of 228,230 during the year – the culmination of the longest housing upturn since the…
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INDUSTRY NEWS
New home loans down in Jan: HIA
Loans for new homes have contracted in January affecting the overall lending activity among interested purchasers, according to the Housing Industry Association (HIA). Figures released on Friday by the Australian Bureau of Statistics indicate that the volume of loans for new homes eased back during January, HIA senior economist Shane Garrett said. “Despite the reduction during January, the actual volume…
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NEWS
Building approvals rises in January says HIA
The Australian Bureau of Statistics (ABS) data has recorded a growth in the number of building approval in January, the Housing Industry Association (HIA) said. HIA Senior Economist Shane Garrett said the total dwelling approvals rose by 1.8 percent in January due to robust activity recorded on the multiunit side and resulting in a 6.6 percent expansion in multi-unit dwelling…
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NEWS
RBA leaves cash rate unchanged at 1.5 pct, industry reacts
The Reserve Bank of Australia (RBA) has left the official cash rate unchanged at 1.50 percent on Tuesday with no plans of an imminent hike anytime soon, the Housing Industry Association said. The association’s senior economist, Shane Garrett had welcomed the decision but felt some areas needed improvement especially when it came to tightening the conditions for investors. “There has…
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