2022 set to be a big year for homebuilding
In good news for the economy, there's a strong pipeline of new homes ready to be built next year, according to the Housing Industry Association.
New home sales in October were 11.1% higher than the month before, according to the HIA's monthly survey of the biggest homebuilders in the five largest states.
HIA economist Angela Lillicrap said the market has found a new and "very strong" post-covid equilibrium.
"This indicates that the strong level of homebuilding activity that is underway will be sustained throughout 2022," she said.
"Demand for new homes continues to exceed the capacity that the industry can deliver. This is evident in the volume of work approved but not yet commenced, which is at its highest level in over a decade."