“The new prime minister and new treasurer have indicated they’re areas, together with superannuation, that we’ll look at,” Mr Tilley said. However he also told the inquiry that letting young people use their super for house deposits could put pressure on housing prices unless supply was increased at the same time.
In other news, it appears that investors have played a major role in the current new home building cycle, contributing a larger share of new housing supply than has historically been the case, according to the Housing Industry Association.
A notable trend in the lending market at the moment is the prominence of loans being taken out by investors buying new homes. The value of lending in this category jumped by 11.7% in July to reach a new all-time high, data from the Australian Bureau of Statistics shows. However, lending to owner occupiers purchasing or constructing new homes remained largely unchanged and still below the peak that occurred nearly a year ago.
“New home building has been a key element to the broader domestic economy’s continual growth in recent years, but critically, it has also made meaningful headway in satisfying the housing needs of Australia’s growing population,’ said HIA economist, Diwa Hopkins.
