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{{propApi.successMessage}} {{region}} Change locationSales of new homes weak for the start of 2024
Sales of new homes weak for the start of 2024
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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.
“New home sales increased by 4.9 per cent in March compared to the previous month. This increase kept sales flat in the first three months of 2024 compared to the previous quarter,” added Mr Devitt.
“Concerningly, sales in the first three months of this year remain 41.3 per cent below the same quarter in 2021, 18.2 per cent below the same quarter in 2020, and 18.9 per cent below the same quarter in 2019.
“There is an increasing divergence at a state level, as those markets with higher land prices endure a larger downturn in home sales.
“Sales in New South Wales and Victoria in the first three months of 2024 remain down significantly compared to recent years, including sales falling by 48.7 per cent and 32.7 per cent respectively, compared to the same quarter in 2019.
“The higher land costs in New South Wales and Victoria is the principal reason why sales in these markets are more significantly affected by the rise in the cash rate.
“Lowering the cost of delivering new homes to market is essential to achieving the Australian government’s target of 1.2 million new homes over the next five years,” concluded Mr Devitt.
New home sales in the month of March declined only in New South Wales (-21.6 per cent). The rest of the large states saw monthly increases, led by South Australia (+14.2 per cent), followed by Western Australia (+10.3 per cent), Victoria (+10.1 per cent) and Queensland (+2.3 per cent).
Sales in the three months to March 2024 increased compared to the previous year in Queensland (+41.0 per cent), Western Australia (+25.6 per cent), New South Wales (+21.3 per cent) and South Australia (+4.4 per cent). Victoria was flat (-0.2 per cent) over the same period.
Private New House Sales - Australia (seasonally adjusted)
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Signs of a pulse in Canberra building approvals
Building approvals for dwellings in Canberra for the year to the end of March have shown some signs that the market may be turning the corner but still remain well below government targets.
Low volume of home building but labour shortages linger
“Australia has just seen its two weakest years of new home commencements in over a decade, meaning these ongoing shortages of skilled trades are not being caused by home building activity,” stated HIA Chief Economist, Tim Reardon.
Building approvals strengthen in March quarter
“There were 48,620 new homes approved for construction in the first quarter of 2025, up by 20.8 per cent on a year earlier,” stated HIA Senior Economist Tom Devitt.
New Government must put housing as first order of business
“The Housing Industry Association (HIA) calls on the newly elected Federal Government to make housing a first-order priority from day one, any delay or political grandstanding will only deepen the nation’s housing crisis,” HIA Managing Director Jocelyn Martin said today.