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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)
Home building materials prices still slower than CPI
“Home building materials have continued to experience only modest cost increases, up by 1.6 per cent in the 2024/25 financial year,” stated HIA Senior Economist, Maurice Tapang.
Productivity Commission backs HIA calls for major regulation overhaul
“Today’s interim report from the Productivity Commission overwhelmingly backs what HIA has long been saying - that the regulatory burden on businesses is getting worse in this country and there is need for a major overhaul on the approach to regulation,” said HIA Managing Director, Jocelyn Martin.
HIA welcomes key findings of interim Productivity Commission’s report
“The Housing Industry Association (HIA) welcomes the release of the Queensland Productivity Commission’s interim report into construction productivity It is a significant and necessary step toward overcoming the housing supply challenges facing Queensland,” said Michael Roberts, HIA Executive Director Queensland.
Building approvals pick up 2024/25
“New home building approvals in the 2024/25 financial year were up by 13.9 per cent compared to their 2023/24 trough,” stated HIA Senior Economist Tom Devitt.