“The detached housing market continues to perform strongly and as it accelerates will pull the rest of the Australian economy forward into 2021,” stated HIA’s Chief Economist, Tim Reardon.
“The full impact of HomeBuilder is now evident in the HIA’s New Home Sales Report with sales now 11.8 per cent higher in the seven months since restrictions came into effect than at the same time last year (2019),” commented HIA Chief Economist, Tim Reardon.
“The impact of HomeBuilder is now emerging in the ABS Building Approvals Data and there is a significant divergence between the outlook for detached and multi-unit dwellings,” stated HIA Economist, Angela Lillicrap.
New ABS lending figures for July 2020 show that HomeBuilder has started to drive a recovery in loans for home building.
“New Home Sales data released today (16 September 2020) confirms that HomeBuilder will support building activity and protect jobs in the December 2020 quarter,” commented HIA Chief Economist, Tim Reardon.
“Housing finance figures released today ( September 9 2020) show that lending for the construction of a new home rose in July (2020) for the first time since February (2020), to the highest level in two years,” stated HIA’s Chief Economist, Tim Reardon.
“The HIA-Housing Affordability Index for the June (2020) quarter 2020 shows housing in Australia remains at its most affordable since 1999,” state Tim Reardon, HIA’s Chief Economist.
The Victorian Government is helping more people buy their dream home, with thousands of first home buyers spared millions of dollars in stamp duty costs over the past financial year.
“Prior to COVID-19, population growth had already fallen well below expectations as overseas migration and the natural rate of population growth fell. Left unchecked, this will lead to more subdued building activity over the decade ahead,” stated HIA’s Chief Economist, Tim Reardon.
“With two months of data since the introduction of the Australian Government’s HomeBuilder scheme it is increasingly clear that HomeBuilder has arrested the decline in New Home Sales and will protect jobs in the sector into 2021,” commented HIA Chief Economist, Tim Reardon.