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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.
“With sales relatively stable, albeit at extraordinarily low levels for six months, it does appear that the market has reached rock bottom,” added Mr Reardon.
“This sees sales for the three months to April stable compared to the previous three months.
“This suggests that sales may have levelled out and reached a floor, barely more than half their levels from a year earlier.
“The cancelation rate remains elevated with more than one new home project cancelled for each four new homes sold per month. This is its highest level since the start of the pandemic and is resulting in an accelerated decline in the pool of work sold, but not commenced.
“The RBA’s rate increases last year and this year will continue to hold down new home sales and cause further cancellations as finance becomes unobtainable for an increasing number of buyers.
“Sales of new homes fell in all states in the three months to April except for Western Australia. Sales in Western Australia were higher in the three months to April (+37.1 per cent) than in the previous three months and year (+9.8 per cent).
“Of note, sales in Western Australia in the three months to April 2023 were 40.3 per cent higher than at the same time in 2019. This is an encouraging sign that this market may defy the best efforts of the RBA,” concluded Mr Reardon.
Over the last year, NSW has seen the largest declines, with sales in the April quarter down by 70.5 per cent on the same quarter in the previous year. This was followed by Queensland (-51.7 per cent), Victoria (-46.3 per cent) and South Australia (-13.7 per cent). Western Australia saw the only increase over this period of 9.8 per cent.
“HIA backs the bipartisan approach to planning reform that is now on the table, and the expansion of complying development to speed up planning approvals and get more people into more homes sooner,” said Brad Armitage, HIA Executive Director NSW.
The Housing Industry Association (HIA) has proudly recognised South Australia’s most promising young talent at the 2025 HIA South Australian Apprentice Awards, held at the National Wine Centre of Australia in Adelaide on Friday night.
“The Housing Industry Association (HIA) welcomes today’s announcement to bring forward the start of the expanded Home Guarantee Scheme to 1 October. This promises to open doors for more people and is an important boost for aspirational home buyers in Australia,” said Jocelyn Martin, HIA Managing Director.
The Housing Industry Association (HIA) is pleased to see the announcement for action on red tape and approvals made by Minister for Housing Homelessness and Cities Clare O’Neil. “The burden of regulation related to building, planning and approvals is adding cost, and delays which is impacting our ability to supply the homes we need”, HIA’s Managing Director Jocelyn Martin said today.