HomeBuilder continues to drive record home building activity

Home lending in Australia smashed more records in January thanks to the continued roll out of the HomeBuilder scheme.

“The first month of 2021 saw almost 10,000 loans being made to owner occupiers for the construction of a new home. This represents a gain of some 20.3 per cent on December 2020, a month whose reign as strongest on record hasn’t lasted too long,” Master Builders Australia’s Chief Economist Shane Garrett said.

“The strength of the market can also be seen in other lending streams. The number of loans for newly-erected homes reached an all-time high during January, having increased by 28.6 per cent over the previous 12 months,” he said.

“The value of home renovations lending in January 2021 was also 47.4 per cent up on the same month last year,” Shane Garrett said.

“The HomeBuilder scheme remains open until the end of March and this means that 2021 will be a busy year for residential building,” Shane Garrett said.