New home sales data from the Housing Industry Association (HIA) confirms once again that the Morrison Government’s HomeBuilder programme is protecting tradies’ jobs.
In the three months to August, new home sales have risen 61.3 per cent compared to the previous quarter where confidence in the market had dropped sharply due to COVID-19 and new home sales reached the lowest level on record.
HIA Chief Economist Tim Reardon said the data confirmed HomeBuilder will protect jobs in the December 2020 quarter;
“The improvement in the number of New Home Sales over the most recent three months will see a lift in the number of homes under construction in the December quarter, compared to what would have been the case without HomeBuilder.”
“Without intervention, a significant contraction of work on the ground would have occurred in the second half of 2020 which meant up to half a million jobs were at risk.”
“If the momentum from HomeBuilder is maintained, more slabs will be poured before the end of the year which will create significant employment opportunities across the economy and not just in the home building sector.”
These results again confirm that by giving Australians the confidence and support to enter the new home market, or make it more affordable to add to their existing home, HomeBuilder is protecting and creating more jobs across the construction industry at a time when the economy needs it most.
Today’s results follow Australian Bureau of Statistics July 2020 data which shows;
- The number of dwelling finance commitments for owner occupiers, excluding refinancing, rose by 9.7 per cent, the strongest monthly growth since January 2009, and the largest month-on-month rise in the history of the series.
- Building Approvals rose 12 per cent, to be 6.3 per cent higher than a year ago, well above market expectations.
With every new home sale, new finance commitment and new building approval we are keeping the pipeline of construction flowing, which protects tradies’ jobs.
HomeBuilder has helped turn around an industry impacted heavily by the COVID-19 pandemic, described by Master Builders Australia CEO Denita Wawn in May, as an “industry facing a valley of death”.
Industry experts have consistently said that HomeBuilder will unlock between $10 billion and $15 billion of investment in the residential construction industry as we move through the COVID-19 pandemic.
The Morrison Government is committed to delivering practical and successful measures to support our vital construction sector which employs over one million Australians.