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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 is a leading indicator of future detached home construction.
“The spike in sales that emerged in September, caused by regulatory changes in NSW, was more than reversed in October,” added Mr Devitt.
“Buyers rushed to get ahead of NSW regulations that will add significantly to the cost of a new home, causing an extraordinary spike in sales in the state in September.
“This drawing forward of home purchasing decisions is anticipated to continue weighing on sales over coming months.
“The sales performance in October was consistent with the weakness observed throughout 2023 and will see new house starts continue to decline.
“Interest rates continue to weigh on confidence, with the industry headed for its weakest year of new house commencements in over a decade.
“The RBA’s November decision to continue the steepest hiking cycle in a generation, risks further deepening and prolonging this trough in home building.
“This coincides with Australia’s deepening housing crisis, with record population growth and acute rental shortages reflecting the need for a strong pipeline of new housing supply.
“Increasing the supply of homes will require policymakers to help lower the cost of building. This means reforms to tax, land release and planning, and loosening macro-prudential rules that squeeze out owner-occupiers and investors alike,” concluded Mr Devitt.
New home sales across Australia in the three months to October fell by 5.8 per cent compared to the same quarter in the previous year. By jurisdiction, sales were similarly down in South Australia (-20.1 per cent), New South Wales (-17.4 per cent), Queensland (-15.0 per cent) and Victoria (-13.8 per cent). Sales in Western Australia increased by 42.2 per cent compared to the same three-month period in 2022.
To have any hope of delivering the quantity of new homes desperately needed in Queensland to address not only the current housing shortage but demand into the future, we need all sectors of the home building industry to be firing.
HIA provided feedback to the Department of Housing and Public Works on this reform which if implemented correctly will streamline the delivery of new houses, remove unnecessary approval costs and improve housing affordability.
“The Housing Industry Association (HIA) welcomes the federal government’s announcement of a new $900 million National Productivity Fund, aimed at driving productivity-enhancing reforms across the states and territories,” said HIA Managing Director, Jocelyn Martin.
HIA refers to the Draft Work Health & Safety Amendment (Silica Worker Register) Regulation 2024 recently released by SafeWork NSW and associated Silica Worker Consultation Paper.