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New home sales strengthen in September 2021

“Sales of new detached houses increased by 2.3 per cent in September compared to the previous month,” stated HIA Economist Tom Devitt.

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.

“It has been over six months since the end of HomeBuilder in March 2021 and sales have remained resilient,” added Mr Devitt.

“In the six months from April to September, New Home Sales were 9.3 per cent above the same period in 2019 and 0.8 per cent above the same period in 2018.

“On a quarterly basis too, the last three months were up by 7.4 per cent and 0.6 per cent on the same quarters in 2019 and 2018, respectively.

“These are the best years for comparison, rather than 2020, as they pre-date both the pandemic and the HomeBuilder stimulus.

“These relatively strong sales will ensure that the boost in home building flows through to the second half of 2022. When combined with the ongoing strength in renovation activity the home building sector will continue to pull the economy forward for at least the next year.

“This will continue to see high demand for skilled trades and ongoing employment opportunities in the sector into the second half of 2022,” concluded Mr Devitt.

In the six months to September 2021, Western Australia led the pack, up by 46.3 per cent compared to the same period in 2019, followed by New South Wales (+34.6 per cent), Queensland (-0.8 per cent), Victoria (-6.1 per cent) and South Australia (-13.4 per cent).

Source: HIA

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