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RED Report

May 18, 2020

Australian Housing Awards

For the first time, winners of the 2020 HIA-CSR Australian Housing Awards will be announced online!  Everyone is encouraged to tune in at 5.00pm on Friday 29 May to cheer on all the finalists. Stay tuned to the HIA website for more - but lock it into your diaries  - it’s time to celebrate the wonderful achievements of our industry! View the finalists.

Display homes

Last week saw the Premier announcing a number of updates to Victoria's COVID-19 restrictions, with important news for our industry about display homes. HIA has been making a strong case to the Premier and key Ministers to provide some clarity around the operation of display homes. We now have that clarity and display homes are permitted to operate, as they are classed as an open retail facility, and customers are permitted to travel to view a display home. Appointments are not required for viewings, and up to 10 people (including sales staff) can be in a property with strict social distancing requirements in place. Here’ s a copy of our member alert and Victorian display home guidelines that were circulated to all Victorian Members.

New home sales

HIA has released its new home sales data which shows a fall in sales nationally by 22.8 per cent since the introduction on COVID-19 restrictions. HIA economics outlined that in March, new home sales fell to their lowest level on record and they fell further in April. In parallel, the number of cancellations of projects now exceeds 30 per cent - this is more than four times the typical rate of cancellations. During shocks such as the GFC or the 2018 credit squeeze, the cancellation rate peaked at 17 per cent. In net terms, this equates to a contraction of more than 50 per cent in the volume of new building work in the future and this will begin to be felt across on-site activity in the second half of 2020.