Data released yesterday by the Housing Industry Association (HIA) shows that a total of 5,590 new homes were sold nationwide in October, up 11% from September.
HIA economist Angela Lillicrap notes that sales of new homes have remained strong since the federal government ended the HomeBuilder scheme. She expects the boom in new house construction to continue throughout 2022:
Sales of new detached homes in the three months to the end of October were consistent with the previous three months. This suggests that the market is finding it’s new post-COVID equilibrium,” added Ms Lillicrap.
The full text of this article is available to MacroBusiness subscribers
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
