Lockdowns cloud pace of decline in home building

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Lockdowns cloud pace of decline in home building
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Third-quarter lockdowns in Victoria, NSW and ACT slowed housing rollout, as has the recent omicron wave. But with immigration likely to hit demand, that may be positive.

Australia’s home-building boom is coming off its stimulus-induced high but lockdowns and omicron are making it hard to know how low the sector will settle.

“We’ll see more supply coming through later this year than we otherwise would have had, given all these disruptions. It will spread out the period of strength in supply.” Capacity constraints and rising prices were also likely feeding through to inflation, CBA senior economist Kristina Clifton said.

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