{{propApi.title}}
{{propApi.text}} {{region}} Change location{{propApi.title}}
{{propApi.successMessage}} {{region}} Change location {{propApi.title}}
{{propApi.text}} {{region}} Change location{{propApi.title}}
{{propApi.successMessage}} {{region}} Change locationInterest rates continue to weigh on new home sales
Interest rates continue to weigh on new home sales
Member and guest login
Enter your email and password to access secured content, members only resources and discount prices.
Did you become a member online? If not, you will need to activate your account to login.
If you are having problems logging in, please call HIA helpdesk on 1300 650 620 during business hours.
Forgotten password
Need some help?
If you are having problems logging in, please call HIA helpdesk on 1300 650 620 during business hours.
If the email address you have entered is registered, you will receive an email with further instructions.
Become part of the HIA community
Enables quick and easy registration for future events or learning and grants access to expert advice and valuable resources.
Create a guest account
Enter your details below and create a login
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.
“This data produced the weakest quarter since June 2020, when the national lockdown drove Australia into its first recession in almost 30 years,” added Mr Reardon.
“New home sales fell in the month of September, for the third consecutive month, by a further 4.2 per cent.
“This reflects the increasing weight that the RBA’s tightening cycle is placing on home buyer borrowing capacity.
“The RBA increased the cash rate again in October, and this will further accelerate the decline in new home sales.
“The RBA’s most acute tightening cycle in almost 30 years is occurring at the same time as the industry is experiencing the fastest increase in home building costs in almost 50 years.
“These compounding forces will see sales continue to slow and the full impact of the rise in the cash rate is yet to emerge.
“This month’s data shows that home building is past the pandemic peak and is now set to experience a long COVID slow down.
“Given the longer-than-usual lags in this building cycle, the RBA’s rate hikes to date will similarly take longer than usual to affect the broader economy.
“Much of the impact of the RBA’s tightening cycle will be obscured until the second half of next year.
“These treacherous lags will force the RBA to wait longer to see the easing in price pressures that it desires. This could result in them weighing too heavily on household finances and jeopardising the housing industry’s future soft landing,” concluded Mr Reardon.
For the three months to September 2022, compared to the previous quarter, most states declined under the weight of interest rates. Victoria led the declines, down by 20.8 per cent, followed by Queensland (-17.0 per cent), New South Wales (-16.3 per cent) and Western Australia (-10.0 per cent). South Australia saw the only increase, up by 6.6 per cent.
Private new home sales - Australia (seasonally adjusted)
For more information please contact:
‘She Builds The Future’ inspiring young Tasmanians to build their dreams
HIA and MiTek have joined forces to launch She Builds The Future – a program designed to inspire, educate and promote diversity in the residential building industry.
Funding to fast-track trades qualification can help get more homes built quicker
“Today’s announcement from the Labor Government of $78 million in funding to fast track the qualification of up 6,000 tradies is an important initiative which will help get more homes built quicker,” said HIA Managing Director, Jocelyn Martin.
Can the Feds lower housing costs faster than states can increase them?
“As Prime Minister, how would you stop state governments from continuing to increase the taxes on new home building and adding additional red tape?”, asked HIA’s Managing Director, Jocelyn Martin.
Review of Occupational Licensing (CPD) Determination 2018 (Tas)
HIA responded to the Consumer, Building and Occupational Services request for stakeholder feedback on the Occupational Licensing (CPD) Determination 2018.