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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 Housing Industry Association (HIA) is urging the government to hit pause on the proposed Free TAFE Bill 2024. While the initiative promises to address critical skills shortages, HIA believes the plan needs a comprehensive review before it’s locked into law.
HIA provided a response to the Senate Education and Employment Committees on the inquiry into the Free TAFE Bill 2024.
The Housing Industry Association (HIA) welcomes the Coalition’s announcement allowing first home buyers to access up to $50,000 of their superannuation to purchase a home. This initiative represents a meaningful step towards addressing the significant barriers to home ownership faced by young Australians,” stated HIA Managing Director, Jocelyn Martin.
On behalf of all of us at HIA we would like to wish you a very happy 2025! As everyone heads back to work for the new year, we are sharing some exclusive member updates to get you ready for what lies ahead.