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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).
The Liberal Party’s announcement today that if re-elected they will allow Australians to access up to $50,000 from their superannuation to fund a deposit to help them buy their first home is a welcome one, and an initiative that HIA has championed.
Western Australia is one of just two states to see an increase in new home sales in April, recording a significant increase in the amount of new activity from the same period prior to the COVID-19 pandemic.
The Housing Industry Association (HIA) has welcomed the ongoing support for Western Australia’s residential building industry in the 2022-2023 State Budget, including a number of targeted initiatives aimed at attracting more skilled workers into the state amid record high levels of detached construction.
The ACT Government has announced an implementation schedule and transition rules for Variation 369 to the Territory Plan.