HomeBuilder Boosts the Industry
There may be light at the end of the tunnel for the building industry as June provided the first increase in new homes sales since COVID-19 restrictions were implemented in March. June was actually the highest monthly result in almost a decade! This huge demand was due to the introduction of the Governments HomeBuilder program on top of various other state incentives.
COVID-19 restrictions had previously led sales of new homes to diminish, with many consumers unsure on their own job security and the position of the housing market. In March sales fell and continued to do so through April and March.
This turnaround does not correct the low sales from the previous months. However it is a positive up-turn in the sector and hopefully the HomeBuilder program will continue to protect jobs within our industry for the rest of 2020 and hopefully into 2021.
Cancelation rates have also improved but are still higher than before COVID-19 restrictions. This tells us that people are still wary of the market and are holding off if possible.
We will continue to update our customers on the progress in the industry through August and September as this will allow us to provide more accurate predictions for the future.
Data from HIA New Home Sales Report June 2020