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{{propApi.successMessage}} {{region}} Change locationLand supply to constrain building activity in 2023
Land supply to constrain building activity in 2023
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“The volume of land sales fell to record lows in the September 2021 quarter and continued falling in the December quarter despite ongoing strong demand for land and housing,” said HIA Economist, Angela Lillicrap.
The HIA-CoreLogic Residential Land Report provides updated information on sales activity in 51 housing markets across Australia, including the six state capital cities.
“At the same time, the median price of land increased by 13.4 per cent or $35,900 in 2021. This is the strongest annual growth since 2004,” added Ms Lillicrap.
“The decline in the volume of sales while the price continues to increase rapidly, is a clear indication that there is a significant shortage of shovel-ready residential land.
“Other leading indicators, including HIA’s New Home Sales Report, show that demand for housing remains elevated compared to pre-COVD levels. However, the sales occurring are now looking to a commencement in at least 12 months’ time.
“There are significant constraints which prevent land supply from quickly responding to changes in demand. As a result, land will be the largest constraint on home building activity from mid-2023,” concluded Ms Lillicrap.
According to CoreLogic’s research analyst Kaytlin Ezzy: “It’s unsurprising that land supply is struggling to keep up with demand, given the strong uptick in land sales seen over the second half of 2020 as demand for vacant land responded to the HomeBuilder policy. While the reduction of construction related stimulus and rising construction costs have likely softened demand to some extent, the sharp rise in median prices over 2021 suggests that supply constraints are a larger factor in the trend towards fewer land sales.”
“As land prices and construction costs continue to push the cost of new housings higher, it is possible some demand will shift towards the established housing market, particularly as it moves towards the downwards phase of the cycle,” says Ms Ezzy.
For more information please contact:
Victorian Government small sites pilot program
The state government has established the Small Sites Pilot Program to unlock government land for housing development.
Strongest home sales for 3 years
“Sales of new detached homes increased by 18.8 per cent in the three months to June 2025 compared to the previous three months,” stated HIA Chief Economist, Tim Reardon.
NT approvals reform a step in the right direction
“The Housing Industry Association has welcomed the Northern Territory Government’s commitment to streamlining the Territory’s planning and building approval system,” HIA Executive Director NT, Luis Espinoza said today.
New Housing Pattern Book is a step in the right direction
“HIA welcomes the release of the new NSW Housing Pattern Book, which is another tool that could help make the delivery of new housing in NSW easier,” said Brad Armitage, HIA NSW Executive Director.