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HIA-COLORBOND Steel Housing 100 2019/20 HIA–COLORBOND® STEEL Housing 1OO MARKET DETACHED STARTS SHARE HOUSES MULTI REVENUE UNITS Australia’s Largest Homebuilders and Residential Developers 2019/20 Housing Industry Association HIA-COLORBOND® steel HOUSING 100 2019/20 Reports from previous years - back to 1993/94 - are available upon request HIA Economics 79 Constitution Avenue CAMPBELL ACT 2612 [email protected] COLORBOND® is a registered trade mark of BlueScope Steel Limited. ABN 16 000 011 058. All rights reserved CONFIDENTIAL INFORMATION Copyright © Copyright 2020. HIA Limited is the sole and exclusive owner of all rights, title and interest (including intellectual property rights) subsisting in this publication, including any data, analytics, statistics and other information contained in this publication. This publication is strictly private, confidential and personal to its recipients. This publication may not be copied or transmitted in whole or in part in any form, including by photocopying, facsimile, scanning or by manual or electronic means. Multiple copies can be supplied by arrangement/for an additional charge. Unauthorised copying is a breach of HIA’s copyright and may make you liable to pay damages. Permission is not given for any commercial use or sale of this material. Disclaimer The data and information (including commentary) provided in this publication is of a general nature only. While HIA uses commercially reasonable efforts to ensure that: (a) any data and information is current at the time of publishing; and (b) all opinions, conclusions or recommendations are reasonably held or made as at the time of their compilation, HIA does not warrant the accuracy, reliability or completeness of the publication in whole or in part. It is your responsibility to assess ®and verify the accuracy, completeness and reliability of the information in this publication, and to seek professional advice in relation to thatP1 information. HIA – COLORBOND steel Housing 100 To2 the 018/19 full extent permitted by law HIA excludes all loss or damage howsoever arising (including through negligence) in connection with the publication. The Housing 100 Australia’s most active homebuilders in 2019/20 In the 28 years that HIA has been collecting this data, through the myriad of economic shocks, the participants on the list have remained remarkably stable. Of the 20 largest detached home builders in 1993, all but two remain on the Housing 100 list. Some of these businesses have merged or rebranded, and many have slid down the list over the years, but through all of the economic changes of the past 30 years, this list of hard working, small, privately owned businesses have continued to build homes for Australians. The names on this list might be stable, but their rankings have changed significantly. The largest of these business in 2020, with 4,500 starts last year, is Metricon. While dominating the list for the past five years, and extending its lead this year, Metricon have slowly shifted up the list from number 63 back in 1993/94. Despite its recent dominance, Metricon accounts for just 2.5 per cent of all new homes built in Australia. At the other end of the spectrum, the last builder on this year’s list started just two homes per week. These are the exact same market dynamics that existed in 1993/94 with a large number of small business accounting for the majority of the list. The Western Australian market is the only exception to this rule where the 10 largest builders account for just over half of all starts in the last year. Not only is home building dominated by small business, more than 70 per cent of builders on the list operate in just one state. Less than 10 per cent of builders operate across more than three states. Consolidation within the industry in recent years has seen this number grow as the larger businesses on this list have purchased existing businesses in order to grow their share of the market. But despite this, the industry remains dominated by locally based businesses. Finally, another feature of this report is that the largest 100 building business are predominantly privately owned. Less than 10 per cent of businesses on the list are publicly held companies. The rest are family- owned or private companies. Many have the name of their founder in their title. Despite surviving the challenges of the past 30 years, 2020 brought with it a new challenge. At no other time in the history of this report have these businesses been faced with the risk of being forced to stop building. The industry was very fortunate to be able to continue to build new homes through the COVID shock. With rapid changes to accepted worksite practices, the industry avoided the most severe restrictions. New housing starts at the end of the 2020 financial year were projects initiated prior to the emergence of the COVID restrictions in March. The impact of this shock and the subsequent HomeBuilder program will evolve in 2021 and 2022. This COVID shock compounded what was already a difficult year in 2018/19. A slowing in population growth and a bank imposed credit squeeze caused one of the sharpest corrections in home building on record, with the number of new housing starts falling from over 220,000 in 2018/19 to an estimated 169,000 in 2019/20. Despite the cooling market, the 28th annual HIA–Colorbond® steel Housing 100 Report 2019/20 survey shows that the number of new home starts by the nation’s largest 100 builders increased from 67,694 to 69,459. The market share of the Housing 100 builders increased from 35 per cent in 2018/19 to 40 per cent in 2019/20. This is the highest market share for the largest 100 home builders since 2013/14 and is consistent with previous trends where volume home builders are able to gain market share in a contracting market. This also suggests that smaller builders, particularly those outside of the largest 100 home builders, are experiencing a disproportionate share of this market contraction. P2 HIA – COLORBOND® steel Housing 100 2019/20 Apartment builders continued to increase their representation on the list as the demand for higher density living reached a new peak. This year the number of units constructed by the largest 100 builders rose by 11.2 per cent, while the number of detached homes contracted by 1.0 per cent. Accelerating rapidly up the list, is the second most active builder in 2019/20 – and the nation’s largest apartment builder – was Hutchies with 3,820 housing starts, followed by Multiplex with 3,486 starts. There were also just 12 participants that advanced up the list by more than 100 starts in the year, with apartment construction the largest share of this growth. The stronger representation of apartment builders on this year’s list reflects an ongoing trend toward higher density homes with the number of apartments built by participants increasing by more than seven per cent this year. The key highlights from this year’s HIA–Colorbond® steel Housing 100 Report 2019/20 shows that the largest 100 residential builders: increased their share of the new home building market from 35 per cent to 40 per cent accounted for 68 per cent of the detached homes built in Australia in 2019/20 increased revenue earned from home construction by 13.2 per cent to $24.097 billion in 2019/20 increased the number of new starts in the year by 1,765 homes the number of starts required to make the list has also increased from 100 to 108 the number of detached house starts declined by 1.0 per cent while the number of units increased by 11.2 per cent Major activity In 2019/20, only 68 per cent of housing activity was Housing 100 at a glance detached home building. This is significantly lower than Starts the 81 per cent recorded a decade earlier and reflects an 2019/20 69,459 ongoing growth in higher density home construction. 2018/19 67,694 Semi-detached homes maintained its market share of eight per cent, while the multi-unit share remained constant at 24 per cent of the Housing 100. Market Share This relatively poor year for detached home building isn’t 2019/20 40 per cent likely to continue into 2020/21. 2018/19 35 per cent State by state Revenue* In the 2019/20 financial year, Victoria continued to 2019/20 $24,097 m dominate new home building due to a decade of strong 2018/19 $21,291 m population growth. At the other end, Western Australia was at the bottom of a deep and sustained downturn. Main Housing Activity Policy settings are changing rapidly and the implications for these will see a shift in the state-by-state dynamic. Detached Houses 68 per cent There is mounting evidence that government efforts to Semi-Detached Dwellings 8 per cent contain the spread of COVID-19 has been effective and Multi-units 24 per cent the policy agenda is progressively refocusing on the economic recovery. Just as government decisions *Estimated revenue earned from sales of housing only. relating to industry shutdowns were the catalyst for Excludes land. Not all participants provided information. recession, government decisions will now dictate how quickly Australia’s economy recovers. The impact of changes to migration flows and financial support packages for households and businesses will not be evenly spread across regions. The Australian Government announced the HomeBuilder package in June providing fiscal incentives for some households who build a new home or undertake a major home renovation (including knock-down- rebuild), which complement the existing support measures for first home buyers.
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