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{{propApi.successMessage}} {{region}} Change locationSales of new homes slowed in April
Sales of new homes slowed in April
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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.
“Despite the fall in April, new home sales in the first few months of 2022 remain exceptionally strong and marginally higher than in the same period last year,” added Mr Devitt.
“The strong demand for new homes indicates the depth of the shortage of housing and the significant change in household formation rates, due to the pandemic.
“These strong sales are ensuring that the volume of home building and demand for skilled workers will remain strong at least until the end of 2023,” concluded Mr Devitt.
Western Australia and Victoria were the only states that saw an increase in new home sales in the month of April, up by 8.8 per cent and 4.0 per cent respectively. South Australia saw a decline of 2.0 per cent, followed by Queensland (-9.0 per cent) and New South Wales (-9.4 per cent).
For the last three months, compared to the same quarter last year, sales in New South Wales were up by 11.1 per cent. This was followed by declines in Victoria (-4.2 per cent), Queensland (-14.3 per cent), Western Australia (-15.9 per cent) and South Australia (-42.8 per cent).
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Victorian housing lags the smaller states
“Victoria is behind Queensland, Western Australia and South Australia in HIA’s latest Housing Scorecard, reflecting a dramatic change in fortunes over the last five years,” stated HIA Executive Director Victoria, Keith Ryan.
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“The outlook for home building in South Australia has taken a marked step up in recent years, as economic and policy dynamics increasingly shift in the state’s favour,” stated HIA Senior Economist Tom Devitt.