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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 grew by 1.9 per cent in June compared to the previous month,” added Mr Devitt.
“This increase in the month of June puts sales in June quarter higher by 11.1 per cent compared to the same quarter last year.
“There is a record number of homes currently under construction, a large number of projects approved but not commenced and strong sales to the end of June. This will ensure that home building activity and demand for skilled workers will remain strong throughout 2023.
“Those households purchasing a home in June likely began the process before the first cash rate increase in May.
“The rapid increase in the cost of building a new home will be compounded by the adverse impact of the rise in borrowing costs.
“The industry is noticing a slowing in the number of groups visiting display sites in recent weeks which could result in fewer new home sales in the second half of 2022,” concluded Mr Devitt.
Queensland and Victoria drove the national increase in June, with sales in these states increasing by 6.7 per cent and 4.2 per cent respectively. New South Wales was stable in the month (-0.0 per cent), while declines were seen in Western Australia (-1.5 per cent) and South Australia (-11.0 per cent).
For the three months to June 2022, compared to the same quarter in the previous year, sales in Queensland were up by 40.9 per cent, followed by Victoria (+15.7 per cent) and South Australia (+11.8 per cent). Declines were seen over this period in New South Wales (-1.9 per cent) and Western Australia (-8.1 per cent).
The Building and Construction Industry (Security of Payment) Act 2021 (WA) (SOP Act) applies to some construction contracts but excludes others. Before you make a claim under the SOP Act, it is important to confirm that your contract is covered.
The Tasmanian Government has released the Residential Building (Miscellaneous Consumer Protection Amendments) Bill 2022 for consultation. HIA has raised concerns with some elements.
Geraldton’s own third year carpentry and joinery apprentice Callum Marquis from Connolly Creative Building Co. has been named 2022 HIA Stratco WA Peter Stannard Apprentice of the Year.
Security of payment laws provide for the rapid adjudication of payment disputes in the building and construction industry.