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“Residential land prices in Australia climbed to yet another all-time high during the June 2016 quarter,” says HIA Senior Economist, Shane Garrett.
ABS housing finance data shows that lending to owner occupiers has fallen for two consecutive months, while lending to investors has risen for four months in a row.
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Low interest rates trumped election uncertainty in June, when ABS data shows lending for new homes rose strongly.
New apartment sales rose 4.9% in May, despite overall new property sales falling, says the HIA.
Queensland has announced it will increase the surcharge to 3% on foreign property buyers.
New homes sales rose 8.9% in March, according to the HIA.
Certainty around negative gearing, modest tax cuts, and infrastructure spending will boost housing and construction, without alarming voters.
Vested interests are rallying from all sides, after the government rules out negative gearing changes.
New home construction filled the economic hole left by the mining slowdown.
Housing affordability improved 2.7% during the March quarter, according to the Housing Industry Association's Affordability Report.
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