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{{propApi.successMessage}} {{region}} Change locationVictoria needs to follow South Australia's lead
Victoria needs to follow South Australia's lead
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The HIA Housing Scorecard report presents analysis which ranks each of the eight states and territories based on the performance of 13 key residential building indicators against their decade average, covering detached and multi-unit building activity, renovations, housing finance and rates of overseas and interstate migration.
“Victoria’s ranking has fallen in recent quarters as key indicators of building activity slow under the weight of rising interest rates,” added Mr Ryan.
“The volume of new homes commencing construction is failing to keep up with the consumer demands produced by the pandemic, and the recent rapid return of overseas migrants and students.
“Key leading indicators have deteriorated dramatically over the last year. New home sales in Victoria are down by almost 50 per cent.
“This has filtered through to lending and approvals data. Lending to owner occupiers in Victoria has been almost 20 per cent below the decade average, while approvals of new multi-units are down by 80 per cent.
“This will compound the shortage of housing that is causing rapid rent price growth.
“The RBA’s interest rate increases over the last year have weighed heavily on Victoria’s housing market, but responsibility must also lie with government.
“The South Australian government has shown a clear path to increasing the supply of new homes.
“South Australia topped the HIA Housing Scorecard, and its strong performance will be supported by policy changes announced in this year’s State Budget which included a reduction in stamp duty, the release of 25,000 blocks of land and an investment in public housing stock.
“Importantly, the South Australian government has concentrated on the basics and its measures respond to consumer demands for housing.
“Supporting new home building by reducing costs, attracting more investment and improving capacity is essential to ensure that an adequate supply of new homes commence construction,” concluded Mr Ryan.
State scores
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Regional Housing roundtable calls for dedicated national plan
Leaders meeting at a Housing Industry Association (HIA) hosted regional housing roundtable in Nowra, have warned that current housing policy settings are failing regional communities, and are calling for a dedicated national housing plan to address mounting supply pressures beyond Australia’s capital cities.
NT government to impose more red tape on builders
The Housing Industry Association (HIA) is disappointed that the NT government has chosen to rush ahead with implementation of the latest update to the National Construction Code – NCC 2025.
HIA welcomes move to unlock 4,000 new homes for Tasmania
The Housing Industry Association (HIA) welcomes the Commonwealth and Tasmanian Government’s announcement of $165 million agreement to support the delivery of up to 4,000 new homes, including 2,101 exclusively for first home buyers across the state.
HIA submission to Water Efficient Fixtures Victorian Consultation Regulatory Impact statement
HIA does not support Victoria mandating increased water-efficiency standards for fixtures in either new or existing homes, outside of a national process and supply chains. Among first steps to obtain higher benefits are voluntarily measures to address information asymmetries. Strengthening education, promotion, and awareness campaigns through water authorities and government-led media initiatives can encourage voluntary uptake.