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{{propApi.successMessage}} {{region}} Change locationNew home sales fall further in August
New home sales fall further in August
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The HIA New Home Sales report – a monthly survey of the largest volume home builders in the five largest states – is a leading indicator of future detached home construction.
July and August represent the weakest pair of months for new home sales since the lockdowns in 2021.
“Sales of new homes over the past two months are reflective of a slowing in the market as the impact of the rise in the cash rate hits households.
“This rise in borrowing costs compounds the impact of the rise in the cost of construction.
“The full impact of recent and future rate increases will continue to flow through as an adverse impact on the sale of new homes in coming months.
“There remains a significant volume of work under construction and approved-but-not-yet-commenced that will provide a buffer for the industry and ensure building activity and demand for skilled trades remains exceptionally strong through the rest of 2022 and into 2023.
“The concern remains that that the adverse impact of rising rates on the wider economy will be obscured by this volume of ongoing work and that the RBA goes too far, too soon,” concluded Mr Devitt.
Victoria drove the declines in sales in August, down by 15.2 per cent, followed by Queensland (-1.8 per cent). The other states saw Increases, including South Australia (+18.2 per cent), New South Wales (+14.2 per cent) and Western Australia (+7.5 per cent).
Private New House Sales - Australia (Seasonally Adjusted)
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North Queensland needs to do its share of home building
“The improvement in home building activity expected across the nation this year is already underway up and down the Queensland coast,” stated HIA Executive Director, Peter Fry.
ACT continues to languish in national housing rankings
“The Australian Capital Territory remains near the bottom of the national housing league table, staying at seventh place in HIA’s latest Housing Scorecard,” stated HIA ACT & Southern NSW Executive Director, Greg Weller.
Land prices accelerated in 2024
“The median price of residential land sold increased by 2.6 per cent nationally in the final quarter of 2024, to a new record high $369,530,” stated HIA Senior Economist Tom Devitt.
Increase to minimum wages from 1 July
The Fair Work Commission handed down its annual minimum wage decision, awarding a 3.5 per cent increase to the national minimum wage and modern award minimum wages.