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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.
“New home sales increased by 3.9 per cent in March 2022 compared to the previous month. This leaves sales for the first three months of the year lower by 2.8 per cent compared to the previous quarter,” added Mr Devitt.
“Excluding the period associated with the HomeBuilder stimulus, this is the second strongest quarter since 2016.
“Despite a difficult start to the year, with staff absences associated with the Omicron outbreak and extended holiday leave, new home sales continue to sustain levels usually associated with government stimulus.
“Demand for new homes continues to be driven by a shortage of homes and an acutely tight rental market that has resulted in rapid house price and rental price growth.
“Tighter lending conditions have had minimal impact on the market to date. With rental vacancies at close to zero demand for new homes will continue and an increase in the cash rate is likely to be the turning point for a slowing in demand.” concluded Mr Devitt.
On a quarterly basis, sales in New South Wales increased in the three months to March 2022 to be 78.5 per cent higher than the equivalent quarter in 2019, before the pandemic.
This was followed by Queensland (+33.3 per cent), Victoria (+19.1 per cent) and Western Australia (+15.4 per cent). South Australia saw the only decline over the period, down by 4.6 per cent.
“The long-discussed move of the University of Tasmania (UTAS) from the Sandy Bay campus presents a real opportunity to ease housing pressures in Greater Hobart,” said Stuart Collins, HIA Executive Director Tasmania.
The Victorian Government has announced it is proposing Regulations that will require building practitioners and plumbers to meet Continuing Professional Development (CPD) requirements. A Regulatory Impact Statement and proposed regulations has been released for public comment.
“Australia is set to commence construction on little more than a million new homes over the next five years, almost 200,000 short of the Australian government’s target,” stated HIA Senior Economist Tom Devitt.
HIA provided a submission into the Help to Buy Bill 2023 and the Help to Buy (Consequential Provisions) Bill 2023, herein referred to as the Help to Buy Bills.