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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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A concrete plan to boost number of women in construction is needed beyond pink hi-vis and toilets
“Too often we continue to see announcements to increase the number of women in construction, which involve donning pink hi-vis', walking around a building site and then talking about more site toilets,” said Jocelyn Martin, HIA Managing Director.
Signs of housing supply life in unit approvals (NSW)
“The volume of unit approvals in the three months to January 2025 was nearly double what it was in the same period a year ago,” stated HIA Executive Director, NSW, Brad Armitage.
New building laws worse than expected (Vic)
HIA released a member alert on Tuesday to inform members that the Victorian government had introduced a Bill into Parliament to establish new consumer protection measures.
Housing approvals rise at the start of 2025
“Approvals for new homes in Australia increased in January 2025, a month before the cash rate was cut,” stated HIA Economist, Maurice Tapang.