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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.
In mid-June 2025, the NSW Premier released the Housing and Productivity Contribution (HPC) Works-in-Kind Guideline for public consultation.
Today the State Government announced proposed changes to the regulatory powers to investigate registered builders who may be unable to meet the financial requirements of registration. The announcement also included a long-awaited review of the Home Building Contracts Act 1991 (HBCA) and associated laws.
Housing Industry Association welcomes today’s announcement by the Cook Labor Government to review key aspects of the home building contracts legislation and provide the building regulator with additional powers to work with builders in distress.
“Two cuts to the cash rate have seen the volume of detached house building approvals rise to be 3.2 per cent higher than the same month last year,” stated HIA Senior Economist Tom Devitt.