New home sales stay strong post-stimulus

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New home sales jumped 15.3 per cent in the June quarter as the trailing impact of the federal government’s HomeBuilder grant continues to be felt.

Housing Industry Association figures show while sales in the June 2021 quarter are below the levels experienced during the nine months of the HomeBuilder program, they are stronger than the same quarter in 2019.

“Sales are also on par with the June 2018 quarter, which was a strong year for detached home building,” HIA Economist Angela Lillicrap said.

The HomeBuilder scheme officially ended in March, although the deadline to begin construction ran for another 12 months.

The HIA report is a survey of the largest home builders in Australia’s five biggest states and is a leading indicator of future detached home construction.

“The strength of new home sales nationally suggests that there will be a significant number of new homes entering the pipeline post-HomeBuilder which will ensure activity remains elevated into 2022,” Ms Lillicrap said.

However, the strength in new home sales is not occurring evenly across the states and when compared with pre-pandemic results in 2019.

New home sales in NSW and Western Australia were over a third higher in the June 2021 quarter compared to the same time in 2019.

Sales in Queensland were 4.4 per cent higher, while they were flat in Victoria.

South Australia had seen the strongest response to the HomeBuilder scheme, but sales since the end of the program remain lower by 14.4 per cent compared to the June 2019 quarter.

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