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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.
This week, HIA’s National Board of Directors, Regional Committee Chairs and Senior HIA figures came together and debated the impact Government regulations and continuing change is having on the residential building industry and in driving up the cost of construction.
HIA provided a submission to the Fair Work Commission on the national annual minimum award review and for the Expert Panel to consider the specific issues confronting the residential building industry.
“This week the Housing Industry Association (HIA) brought together Australia’s construction industry leaders. The overwhelming consensus of the group was that the Government’s Housing targets cannot continue to be just another ‘aspirational target or housing statement’ but must result in the actual delivery of these much-needed homes,” HIA Managing Director, Jocelyn Martin, said today.
At Friday’s Work, Health and Safety (WHS) Ministers meeting, Ministers determined the next steps to move forward with the implementation of a ban on engineered stone.