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The HIA New Home Sales Report is a monthly survey of the largest volume home builders in the five largest states and the leading indicator of future detached home construction.
“New home sales in WA have increased again in April to be 8.6 per cent stronger than March and 37.1 per cent stronger than the previous quarter,” said Michael McGowan, HIA Executive Director WA.
“Even more encouragingly, sales are 9.8 per cent higher than the same quarter in 2022 and 40.3 per cent higher than at the depth of the pre-COVID building trough in the same quarter in 2019.
“These results show the intensity of housing demand in WA remains strong. This is a very positive sign that WA’s housing industry is on the road to recovery despite the 11 interest rate rises handed down from the RBA,” said Mr McGowan.
The HIA New Home Sales Report shows national sales of new homes increased by 6.8 per cent in April compared to the previous month. This sees sales for the three months to April stable compared to the previous three months (down by 0.4 per cent) but down by 42 .8 per cent compared to the same time the previous year.
“WA’s recovery is unique as the monthly rise in sales is consistent with longer-term trends, and an indication of the strong demand in the market,” said Mr McGowan.
“Our challenge continues to be supply, and the State Government’s budget commitments to supporting skilled migration and apprentices will help rebuild the workforce for a stronger and more sustainable residential housing industry.
“It is important that WA maintains a healthy home building market for the benefit to all Western Australians and all aspects of the Western Australian economy,” concluded Mr McGowan.
“Adelaide, Brisbane and Perth are seeing residential land values grow at a rapid rate, while Sydney and Melbourne’s values remain relatively stable,” stated HIA Senior Economist Matt King.
Plumbing and drainage inspections in the Huntlee and North Rothbury areas are moving from Cessnock City Council to Building Commission NSW.
The BASIX Transition period for eligible signed building contracts will end on 30 September 2024. BASIX Certificates must be generated by this date to apply the pre-1 October 2023 BASIX standards.
“As the number of new homes under construction continues to decline builders are reporting fewer difficulties scheduling skilled trades workers on their jobs, although availability of skilled workers remains worse than prior to the pandemic,” stated Geordan Murray, HIA Executive Director – Future Workforce.