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Strong home sales for 2022 despite recent drop

Sales of new detached homes fell by 1.2% in April leaving sales for the first four months of 2022 stronger than the same period in 2021. The Housing Industry Association 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. Source: Timberbiz

“Despite the fall in April, new home sales in the first few months of 2022 remain exceptionally strong and marginally higher than in the same period last year,” HIA Economist Tom Devitt said.

“The strong demand for new homes indicates the depth of the shortage of housing and the significant change in household formation rates, due to the pandemic.

“These strong sales are ensuring that the volume of home building and demand for skilled workers will remain strong at least until the end of 2023,” he said.

Western Australia and Victoria were the only states that saw an increase in new home sales in the month of April, up by 8.8% and 4.0% respectively. South Australia saw a decline of 2.0%, followed by Queensland (-9.0%) and New South Wales (-9.4%).

For the last three months, compared to the same quarter last year, sales in New South Wales were up by 11.1%. This was followed by declines in Victoria (-4.2%), Queensland (-14.3%), Western Australia (-15.9%) and South Australia (-42.8%).