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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.
“This data produced the weakest quarter since June 2020, when the national lockdown drove Australia into its first recession in almost 30 years,” added Mr Reardon.
“New home sales fell in the month of September, for the third consecutive month, by a further 4.2 per cent.
“This reflects the increasing weight that the RBA’s tightening cycle is placing on home buyer borrowing capacity.
“The RBA increased the cash rate again in October, and this will further accelerate the decline in new home sales.
“The RBA’s most acute tightening cycle in almost 30 years is occurring at the same time as the industry is experiencing the fastest increase in home building costs in almost 50 years.
“These compounding forces will see sales continue to slow and the full impact of the rise in the cash rate is yet to emerge.
“This month’s data shows that home building is past the pandemic peak and is now set to experience a long COVID slow down.
“Given the longer-than-usual lags in this building cycle, the RBA’s rate hikes to date will similarly take longer than usual to affect the broader economy.
“Much of the impact of the RBA’s tightening cycle will be obscured until the second half of next year.
“These treacherous lags will force the RBA to wait longer to see the easing in price pressures that it desires. This could result in them weighing too heavily on household finances and jeopardising the housing industry’s future soft landing,” concluded Mr Reardon.
For the three months to September 2022, compared to the previous quarter, most states declined under the weight of interest rates. Victoria led the declines, down by 20.8 per cent, followed by Queensland (-17.0 per cent), New South Wales (-16.3 per cent) and Western Australia (-10.0 per cent). South Australia saw the only increase, up by 6.6 per cent.
“The Housing Industry Association (HIA) is pleased to see housing feature prominently at this week’s Economic Reform Roundtable particularly on cutting excessive red tape and streamlining environmental approvals, but as Treasurer Jim Chalmers has indicated more work is needed on easing housing construction,” said HIA Managing Director, Jocelyn Martin.
“As an industry association whose members are embedded in the Hunter and Mid North Coast communities, HIA welcomes the $50 million Housing Support Package announced by the Albanese and Minns Governments,” said HIA Hunter Executive Director Craig Jennion.
“The Housing Industry Association (HIA) welcomes today’s announcement by the Albanese Government in providing $300 million to support Australia’s future wood supply to meet increasing housing needs across the country,” said HIA Managing Director Jocelyn Martin.
“Today’s announcement on the successful take up of the HomeGrown Territory grant highlights the importance of this key housing support scheme that is spurring economic growth and kickstarting home building across the Territory,” stated HIA Executive Director - Northern Territory, Luis Espinoza.