The end of the HomeBuilder program in March took a toll on new home sales, according to the latest Housing Industry Association (HIA) report.
The number of new home sales fell 54.4% in April. Although well below recent highs, sales for the month were only 2.7% lower than the month's average before the COVID-19 shock.
Sales declined in the five largest states, with South Australia posting the largest decline at 71.7%, followed by Queensland (65.6%), Victoria (65.4%) , New South Wales (22.4%) and Western Australia (15.2%)).
Angela Lillicrap, economist at HIA, said April's results remain encouraging despite the decline.
"This suggests that there is a significant volume of new homes to be built for customers not eligible for HomeBuilder," she said.
Lillicrap said the housing market in 2020 was hit hard by COVID-19, making it difficult to compare this year's sales to last year. However, compared to 2019 – which was considered a "normal year" – sales were above their monthly averages.
"The demographic shift of the population to regional locations and low interest rates will continue to drive demand for new housing over the coming months, albeit at a much lower level than recent ones. summits, ”she said.
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