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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 only exception to this low volume of sales is in Western Australia where it appears that house building will defy the efforts of the Reserve Bank,” added Mr Reardon.
“The volume of new home sales in Western Australia has increased since a trough in early 2023 resulting in sales in the three months to the end of November being 49.1 per cent higher than at the same time the previous year.
“The strength of sales in Western Australia is now flowing through to a modest rise in approvals. This is likely to see a steady flow of new home starts for Western Australia in 2024.
“Unfortunately, the ongoing acute shortage of skilled trades people in Western Australia will cap the growth in starts.
“This is a very unique outcome and will see Western Australia remain out of cycle with the rest of the country.
“Nationally, new home sales across Australia fell by 7.0 per cent in the month of November and remain at low volumes as rising interest rates continue to constrain house building.
“This will see the volume of homes commencing construction continue to contract in 2024 resulting in the lowest number of new house commencements since 2012,” concluded Mr Reardon.
New home sales across Australia in the three months to November 2023 decreased by 0.1 per cent compared to the same time in the previous year. By jurisdiction, sales in the same three-month period compared to the previous year fell in South Australia (-26.1 per cent), Victoria (-14.2 per cent) and NSW (-9.4 per cent). Sales in Queensland increased by 6.3 per cent compared to the previous year, while Western Australia saw a 49.1 per cent increase in the same period.
“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.
In mid-June 2025, the NSW Premier released the Housing and Productivity Contribution (HPC) Works-in-Kind Guideline for public consultation.
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.
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.