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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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Detached house approvals picking up
“There were 9,490 detached homes approved in the month of April 2025, up by 3.3 per cent compared to the previous month,” stated HIA Senior Economist Maurice Tapang.
State Budget is a missed opportunity to stimulate housing
The Treasurer has handed down the 2025/26 Tasmanian Budget. The Budget focuses on alleviating cost of living pressures, health, education and infrastructure, while mapping out a path to a fiscal balance surplus in 2032/2033.
HIA supports bipartisan approach to planning reform NSW
“The NSW planning system has failed to deliver the number of homes we desperately need and we fully support removing the politics from housing, to address this growing crisis,” said Brad Armitage, HIA Executive Director NSW.
Opposition pledge to remove stamp duty for first home buyers welcomed (Vic)
The Victorian Opposition’s announcement that it would remove stamp duty for first-home buyers spending up to $1 million on a new or existing home if elected at next year’s state election, is a positive step towards improving home affordability,” says Steven Wojtkiw, HIA Victoria Deputy Executive Director.