New South Wales is expected to see a huge drop off in the number of new houses being built, new data has revealed.
The forecast, released by the Housing Industry Association (HIA), predicts that the number of new builds will fall by more than 50%.
The coronavirus crisis has hit Australia’s housing industry significantly, with the latest predictions estimating housing starts in NSW to fall by 27.5% this financial year and a further 34.1% in 2020/21, with a nationwide drop off of almost 43%.
Border closures and travel bans have meant an end to international student arrivals and the tourism industry grinding to a halt – two of Australia’s biggest earners. And it is thought the domestic economy could slump further than that experienced during the 1990’s recession.
With many jobs already at risk, the predicted drop off in new builds will be felt further throughout the residential building industry, with fears employment levels within the sector could take up to two years to recover.HIA is the official body of Australia’s home building industry, representing the interests of the housing industry at regional and national level, and has been supporting the Australian home building industry for more than 60 years.