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{{propApi.successMessage}} {{region}} Change locationNew Home Sales Volumes Remain Low
New Home Sales Volumes Remain Low
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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.
Private New House Sales - Australia (seasonally adjusted)
Future Fund could boost supply of new apartments
“An investment in new home building from the Future Fund would support increasing housing supply and could be used to overcome structural barriers to increasing the supply of new apartments which are vital to addressing Australia’s housing shortages,” stated Jocelyn Martin, HIA Managing Director.
HIA - Productivity Commission Inquiry into Home Building
Classic Constructions wins Home of the Year
The Housing Industry Association (HIA) in the ACT & Southern NSW has announced the year’s winning homes, kitchens and bathrooms on Saturday 16 November, celebrating exceptional builds across the region.
Wagga builders fly high at ACT & Southern NSW housing awards
Building companies from Wagga took out five categories at the HIA-CSR ACT & Southern NSW Housing and Kitchen & Bathroom awards this week.