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“This is the fourth consecutive monthly increase and leaves sales in the three months to November 8.0 per cent higher than the previous three months,” stated HIA Economist Angela Lillicrap.
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.
“Demand for new detached and multi-unit construction has remained strong even with lockdowns. It appears that the more time people spend in lockdown, the higher demand is for detached housing,” added Ms Lillicrap.
“Sales in the three months to November 2021 were significantly higher than pre-COVID levels. This is a strong level of home building and suggests that the current boom will continue throughout 2022 and into 2023.
“The constraint on home building is not demand but the availability of land, labour and materials.
“The shortage of labour and materials has led to construction timeframes increasing significantly. Under normal circumstances, the surge of HomeBuilder projects would have translated into an increase in completions from the June 2021 quarter. However, completions have not yet begun to respond.
“This has resulted in the volume of work approved but not yet commenced at its highest level in over a decade,” concluded Ms Lillicrap.
Across the states, sales in New South Wales increased in the three months to November 2021 to be 27.8 per cent higher than the same time as last year. Over the same period, Queensland and Victoria declined by 8.6 per cent and 15.2 per cent respectively.
Western Australia and South Australia were 34.7 per cent and 36.9 per cent lower in the three months to November 2021 compared to the same period in 2020.
New federal anti-money laundering and counter-terrorism financing laws (AML/CTF laws) will take effect from 1 July 2026.
Housing Industry Association (HIA) has welcomed the Tasmanian Government’s commitment to set the First Home Owner Grant for new homes to $20,000, saying the measure will provide meaningful support to first home buyers while underpinning confidence in the state’s residential construction sector.
HIA successfully lobbied for an expansion of fast-track planning approvals in NSW. Now the NSW Government is proposing to introduce two new planning pathways designed to streamline the assessment process for for low rise residential development. These new pathways are part of the NSW Government's planning system reforms.
“New home sales in the month of April increased by 4.9 per cent despite rising interest rates and domestic and global uncertainty,” stated HIA Chief Economist Tim Reardon.