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$vuetify.icons.faPhone1300 650 620

New home sales stabilise at strong levels

Media release

New home sales stabilise at strong levels

Media release
Sales of new detached homes appears to have stabilised following the end of HomeBuilder at elevated levels.

The HIA New Home Sales report – a monthly survey of the largest volume home builders in the five largest states – is a leading indicator of future detached home construction.

“Following a rollercoaster of sales over the past 18 months with the adverse impact of COVID lockdowns and then the HomeBuilder stimulus, sales of new detached homes in the three months to the end of October were consistent with the previous three months. This suggests that the market is finding it’s new post-COVID equilibrium,” added Ms Lillicrap.

“This new equilibrium is very strong. Sales since the end of HomeBuilder (April 2021 – October 2021) are the strongest they have been since 2017 when over 115,000 detached homes commenced construction.

“This indicates that the strong level of home building activity that is underway will be sustained throughout 2022.

“Demand for new homes continues to exceed the capacity that the industry can deliver. This is evident in the volume of work approved but not yet commenced, which is at its highest level in over a decade.

“The ongoing demand for detached home building will continue to create strong employment opportunities throughout 2022 and into 2023,” concluded Ms Lillicrap.

In the three months to October 2021, sales increased in Western Australia by 45.8 per cent compared to the same period in 2019. Similarly, New South Wales was up by 42.3 per cent and Queensland was up by 2.1 per cent. Sales declined in South Australia (-1.3 per cent) and Victoria (-7.5 per cent) over the same period.

Private new house sales

For more information:

Angela Lillicrap

Economist

Nick Ward

Senior Economist
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Breaking news
View all $vuetify.icons.faArrowRight
21 Jan
Third party review for structural designs introduced

Northern Territory government announced that any significant and complex building work that requires building approval will need to have its structural design reviewed.

21 Jan
Scarcity of residential land sees prices surge

A significant increase in the price of land indicates that supply is not keeping pace with demand

20 Jan
Pandemic drives ‘super cycle’ of housing demand

Sales of new detached homes increased by a further 11.3 per cent in December.

19 Jan
Record year for new homes starts

More detached homes commenced construction in the 12 months to September 2021 than in any previous period,