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HIA released its economic and industry Outlook report today. The report includes updated forecasts for new home building and renovations activity nationally and for each of the eight states and territories.
“There has been a rapid slowdown in the volume of new building projects entering the pipeline, especially new apartments, over the past year,” added Mr Reardon.
“The sharp increase in the cash rate has compounded the barriers created by extraordinary restrictions on lending and investing, increased construction costs and regulatory costs.
“The rise in the cash rate is the key reason for the slowdown in the number of new homes commencing construction. There are long lags in this cycle and the full impact of the increases to date will not be apparent, until late 2024.
“Leading indicators of home building activity have fallen to exceptionally low levels. New home sales are almost 50 per cent lower than a year ago. Lending for the purchase or construction of a new home has fallen to its lowest level since 2008.
“The slowdown in the commencement of new homes is counter to the goal of increasing supply and delivering one million homes over the next five years.
“Beyond the rise in the cash rate, the supply of new homes is also constrained by a range of regulatory and cyclical challenges. The Government’s Housing Australia’s Future Fund isn’t a solution to all of these problems, but it is a necessary step toward improving the supply of new homes.
“Removing barriers to investment, reforming local council planning processes and stable economic settings are also necessary steps,” concluded Mr Reardon.
The Hunter region's largest and most successful home and renovation show, the HIA Newcastle HOMESHOW, is set to return on Saturday, September 13, 2025, at the HIA Home Inspirations centre in Mayfield West.
“The expansion of the Home Guarantee Scheme announced by the Minister for Housing, Clare O’Neil MP, to take effect from 1 October 2025, will reduce the time to save a deposit by up to four years,” stated HIA Senior Economist Tom Devitt.
“The Victorian government’s approach to publishing housing targets for each council to achieve is a positive step but will not by itself improve housing supply or affordability” stated HIA Executive Director, Keith Ryan.
“Harnessing artificial intelligence to drive a once in a generation overhaul of planning systems across the country could be the circuit breaker Australia needs to deliver 1.2 million homes over next 5 years” said Sam Heckel HIA Executive Director, Planning & Environment.