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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)
Higher rates will not build more homes
“Today's increase in interest rates will further reduce the number of new homes Australia builds at the time when increased supply is the only sustainable solution to the affordability challenge,” stated HIA Senior Economist Tom Devitt.
HIA welcomes recommissioning of Cardup Brickworks
The Housing Industry Association (HIA) has welcomed the Cook Government's support for the recommissioning of the Austral Brickworks facility at Cardup, describing the decision as an important step towards improving building material supply and supporting the delivery of homes and infrastructure across Western Australia.
Cardup Brickworks to recommence operations
HIA welcomes the announcement that Brickworks will recommence operations at its Cardup brickworks facility, supported by the WA Government.
Half of regional Tasmania's new homes approved in just four council areas
Half of all new homes approved across regional Tasmania in the past year were in just four council areas around Launceston, new HIA analysis of ABS building approvals data shows.