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HIA released its economic and industry Outlook report today. The report includes updated forecasts for new home building and renovations activity nationally and for each of the eight states and territories.
“There has been a rapid slowdown in the volume of new building projects entering the pipeline, especially new apartments, over the past year,” added Mr Reardon.
“The sharp increase in the cash rate has compounded the barriers created by extraordinary restrictions on lending and investing, increased construction costs and regulatory costs.
“The rise in the cash rate is the key reason for the slowdown in the number of new homes commencing construction. There are long lags in this cycle and the full impact of the increases to date will not be apparent, until late 2024.
“Leading indicators of home building activity have fallen to exceptionally low levels. New home sales are almost 50 per cent lower than a year ago. Lending for the purchase or construction of a new home has fallen to its lowest level since 2008.
“The slowdown in the commencement of new homes is counter to the goal of increasing supply and delivering one million homes over the next five years.
“Beyond the rise in the cash rate, the supply of new homes is also constrained by a range of regulatory and cyclical challenges. The Government’s Housing Australia’s Future Fund isn’t a solution to all of these problems, but it is a necessary step toward improving the supply of new homes.
“Removing barriers to investment, reforming local council planning processes and stable economic settings are also necessary steps,” concluded Mr Reardon.
HIA supports the NSW Government’s draft Heritage Strategy, advocating for better alignment between heritage and planning systems to support new housing development and sustainable growth across the state.
Home ownership is the bricks and mortar that has helped Australia build a stable and vibrant society, but the opportunity to own a home in Australia is a challenge.
“Construction skilled tradespeople remain in high demand, with the shortage remaining more acute than anytime pre-pandemic,” stated HIA Chief Economist, Tim Reardon.
“The NSW Housing Pattern Book could revolutionise the way we look at planning in NSW,” said Brad Armitage, HIA Executive Director NSW.