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HomeBuilder will keep residential building industry afloat in December Quarter

The Housing Industry Association’s New Home Sales report indicates that HomeBuilder will support building activity and protect jobs in the industry during the December 2020 Quarter.

“The improvement in the number of New Home Sales over the most recent three months will see a lift in the number of homes under construction in the December quarter, compared to what would have been the case
without HomeBuilder,” HIA Chief Economist, Tim Reardon commented.

“New home sales in the three months to August are 61.3 per cent higher than the previous quarter, when confidence in the market was depleted and new home sales reached the lowest level on record.

“Without intervention, a significant contraction of work on the ground would have occurred in the second half of 2020 which meant up to half a million jobs were at risk.

“On balance this leaves the six months to August 8.7 per cent higher than the same time last year.

Mr Reardon notes that new home sales have not been consistent across the country, with Western Australia and Queensland seeing impressive increases, while Victoria, NSW, and South Australia have seen static or low sales.

“If the momentum from HomeBuilder is maintained, more slabs will be poured before the end of the year which will create significant employment opportunities across the economy and not just in the home building sector,” Mr Reardon concluded.

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