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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.
July and August represent the weakest pair of months for new home sales since the lockdowns in 2021.
“Sales of new homes over the past two months are reflective of a slowing in the market as the impact of the rise in the cash rate hits households.
“This rise in borrowing costs compounds the impact of the rise in the cost of construction.
“The full impact of recent and future rate increases will continue to flow through as an adverse impact on the sale of new homes in coming months.
“There remains a significant volume of work under construction and approved-but-not-yet-commenced that will provide a buffer for the industry and ensure building activity and demand for skilled trades remains exceptionally strong through the rest of 2022 and into 2023.
“The concern remains that that the adverse impact of rising rates on the wider economy will be obscured by this volume of ongoing work and that the RBA goes too far, too soon,” concluded Mr Devitt.
Victoria drove the declines in sales in August, down by 15.2 per cent, followed by Queensland (-1.8 per cent). The other states saw Increases, including South Australia (+18.2 per cent), New South Wales (+14.2 per cent) and Western Australia (+7.5 per cent).
This week, HIA’s National Board of Directors, Regional Committee Chairs and Senior HIA figures came together and debated the impact Government regulations and continuing change is having on the residential building industry and in driving up the cost of construction.
HIA provided a submission to the Fair Work Commission on the national annual minimum award review and for the Expert Panel to consider the specific issues confronting the residential building industry.
“This week the Housing Industry Association (HIA) brought together Australia’s construction industry leaders. The overwhelming consensus of the group was that the Government’s Housing targets cannot continue to be just another ‘aspirational target or housing statement’ but must result in the actual delivery of these much-needed homes,” HIA Managing Director, Jocelyn Martin, said today.
At Friday’s Work, Health and Safety (WHS) Ministers meeting, Ministers determined the next steps to move forward with the implementation of a ban on engineered stone.