Housing Boom Expected to Continue Into 2023

The detached housing boom of 2021 is expected to continue, with high consumer confidence and building delays expected to impact the market well into 2023.

Sales were also up 25.3% over the December quarter when compared with the September quarter, although the latter was affected by lockdowns in New South Wales and Victoria.

The November records for the amount of private detached homes approved for construction, as well as the number of new loans for a new dwelling, are higher than any other pre-HomeBuilder grant report.

The sector continues to face challenges in the resources sector, as well as in hired labour, however, this isn’t putting off consumers.

HIA Economist Tom Devitt reports that ‘it appears that the more time people spend under lockdown and working from home, the higher is the demand for detached housing and renovations activity.’