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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).
This week, the Queensland Government introduced legislation into Parliament to reform the state's workers' compensation scheme by specifically addressing the rising impact of psychological injury claims and fraud on the Scheme's long-term financial sustainability.
Tasmania’s failure to build enough homes has cost the state budget an estimated $642 million in stamp duty and GST over the past two years, which is enough to pay the salaries of 2,807 registered nurses for two years, according to new analysis by the Housing Industry Association (HIA).
The Housing Industry Association (HIA) has welcomed the Federal Opposition's announcement that it would remove Scope 3 emissions reporting requirements, describing the move as a practical step towards reducing growing compliance burdens across Australia's residential building supply chain.
The Housing Industry Association (HIA) acknowledges the Victorian Labor government’s announcement today that it will cut the Absentee Owner Surcharge (AOS) for its preferred projects.