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{{propApi.successMessage}} {{region}} Change locationNew home sales rise in February
New home sales rise in February
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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.
“Despite the increase in February, sales remain around the low levels that prevailed in the second half of 2023,” added Mr Reardon.
“The slowdown in sales is caused primarily by the rise in the cash rate which has eroded the capacity of households to borrow and impaired market confidence.
“The slowing in sales and building approvals will flow through to a decade low volume of new houses commencing construction in 2024. The economic impact of this slowdown will become increasingly evident in 2024, as employment in the home building industry falls.
“The higher borrowing costs are compounding the elevated cost of land and construction, drying up the pipeline of new home building work despite the significant pent-up demand for housing.
“The increase in sales in February was observed in most of the large states. Given the weakness of January data, it is not all too surprising to see an uptick in February,” concluded Mr Reardon.
New home sales saw a monthly increase in most large states, led by Queensland (+8.4 per cent), followed by New South Wales (+6.5 per cent), Victoria (+6.3 per cent) and Western Australia (+5.0 per cent). South Australia saw a 5.5 per cent decline in February.
Sales in the three months to February 2024 were stronger compared to the previous year in Western Australia (+39.9 per cent), Queensland (+20.4 per cent) and New South Wales (+16.0 per cent). Declines were recorded in Victoria (-7.7 per cent) and South Australia (-13.9 per cent).
Private New House Sales - Australia (seasonally adjusted)
Reserve Bank Assistant Governor gets it right on housing
“Reserve Bank Assistant Governor Hunter, in her address today in Hobart, rightly identified that the home building industry has faced a ‘perfect storm’,” said HIA Senior Economist, Matt King.
Submission to the Strategic Review of the Australian Apprenticeships Incentive System
Many leaders within today’s housing industry began their careers in apprenticeships. Earning a trade qualification not only provides a valuable skillset, but it also opens up a wide range of career opportunities. HIA seeks to ensure workers beginning a career in the industry today have access to the wide range of opportunities on offer in our industry.
CLP promises to make home ownership a reality in the NT
“It is very pleasing to see policymakers from different political parties put forward a plan to spur economic and population growth as well as home building in the Territory,” stated HIA Executive Director - Northern Territory, Luis Espinoza.
HIA Secures 12 Month Transition for Dependent Persons Units
The Victorian Building Authority (VBA) has today advised Victorian domestic builders that from 28 March 2024, any proposal for a ‘dependent persons unit’ (DPU/granny flat) is subject to the same provisions for a DPU that applied before 14 December 2023.