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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.
“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.