The announcement of the HomeBuilder program culminated in a busy June for the housing market, with sales having rebounded from a record high, according to the latest figures from the Housing Industry Association.
[1949002] Sales of new homes increased 77.6% in June on a seasonally adjusted basis. Sales activity in the new housing segment initially hit its lowest level ever recorded in March. The decline continued for two years for two more months.
Tim Reardon, Chief Economist at HIA, said that although the recent rebound has not fully compensated for the decline in the previous three months, it is a clear indication that the HomeBuilder program will help protect jobs in the sector. during the second semester of 2020. and until 2021.
"Additional sales data for July and August will be required before making precise estimates of the impact of HomeBuilder on employment in the sector. Data on new home sales is very sensitive to changes in consumer confidence, "he said.
Read also: Response to five questions on the HomeBuilder grant
Reardon said that without intervention, a substantial drop in the amount of work could occur in the second half of the year. This could lead to a large contraction in the overall economy, with up to 500,000 jobs at risk.
"The government's announcement of the HomeBuilder program has helped improve confidence in the market," he said. "If HomeBuilder's momentum continues, we will see more tiles poured before the end of the year, thereby protecting jobs in the economy, manufacturing, retail and services professionals. "
Of all the states, Western Australia reported the most noticeable improvement in new home sales during the month, recording growth of 211.2%. Reardon said other grants available in the state have helped boost sales.
"This is not surprising given the state government building bonus program, which, if combined with the first home buyer program, can provide support over $ 50,000, "he said.
[Australia] South Australia also recorded a solid gain of 157.1%. New home sales also increased in Victoria (47.8%), Queensland (43.3%) and New South Wales (12.6%).
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