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{{propApi.successMessage}} {{region}} Change locationNew home sales slump continues due to rising cash rate
New home sales slump continues due to rising cash rate
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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 increased by 1.2 per cent in November from their very weak October performance,” added Mr Devitt.
“This produced the weakest three months of sales since the first national lockdown froze new home sales in early 2020.
“Sales in the three months to November are down by 23.4 per cent on the previous quarter, and down by 29.1 per cent on the same quarter in 2021.
“The RBA delivered its eighth consecutive cash rate hike in December, for a total increase of 3 per cent since May. In terms of steepness, 2022 now officially overtakes the 1994 hiking cycle when the cash rate was lifted by a total of 2.75 per cent.
“It is clear in the New Home Sales Survey that the RBA has brought the housing boom to an end.
“When this hiking cycle began, there was a significant pipeline of home building work under construction, and many more projects yet to even begin construction. This has created a significant lag in the RBA’s impact on employment across the economy.
“The effect of the latest hike in December will not be fully reflected in building activity until late-2023.
“Further hikes will cause a deeper and more prolonged trough in home building activity.
“The RBA will not restore the economy to stable growth by putting the housing industry through boom-and-bust cycles,” concluded Mr Devitt.
For the three months to November 2022, compared to the same period in 2021, new home sales in New South Wales were down by 51.5 per cent, Queensland down by 38.3 per cent, Western Australia down by 30.9 per cent, and Victoria down by 19.1 per cent. South Australia saw the only increase, up by 28.1 per cent.
Private New House Sales - Australia (Seasonally Adjusted)
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