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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)
RBA misses opportunity
“The RBA decision to keep interest rates in restrictive territory today will not stop the improvement in leading indicators of future home building,” stated HIA Senior Economist Tom Devitt.
Housing and Productivity Contribution Scheme Works-in-Kind Guideline
In mid-June 2025, the NSW Premier released the Housing and Productivity Contribution (HPC) Works-in-Kind Guideline for public consultation.
Government announces broader licensing powers and HBCA review
Today the State Government announced proposed changes to the regulatory powers to investigate registered builders who may be unable to meet the financial requirements of registration. The announcement also included a long-awaited review of the Home Building Contracts Act 1991 (HBCA) and associated laws.
HIA welcomes changes providing confidence for home building
Housing Industry Association welcomes today’s announcement by the Cook Labor Government to review key aspects of the home building contracts legislation and provide the building regulator with additional powers to work with builders in distress.