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The HIA-CoreLogic Residential Land Report provides updated information on sales activity in 51 housing markets across Australia, including the six state capital cities.
“Residential lot sales picked up across Australia, increasing by 0.9 per cent in the December Quarter to 10,666, to be up by 24.6 per cent over the course of the 2023 calendar year,” added Mr Devitt.
“Activity is stronger in Brisbane, Adelaide and Perth, where sales volumes recovered to levels consistent with – or greater than – pre-pandemic. This compares to Sydney, Melbourne and Hobart, where sales are still around 15-year lows or lower.
“This is consistent with other work by HIA pointing to a brighter outlook for home building in Queensland, South Australia and Western Australia, off the back of more affordable land, employment opportunities, and the exodus of residents from the other states and territories.
“What is worrisome is the effect this is having on prices. While lot prices in the weaker Sydney, Melbourne and Hobart markets appear elevated but contained, lot prices in Brisbane, Adelaide and Perth pushed up again towards record highs.
“Moreover, even in these stronger markets, sales volumes are still a long way down from pandemic heights.
“The fact that land prices are re-accelerating alongside such a modest recovery in sales volumes, suggests it will not be long before the number one constraint on new home building is, once again, the availability of land.
“State and local governments that do not help bring sufficient shovel-ready land to market – both greenfield and infill – will struggle to do their share of the Australian government’s national target of 1.2 million new homes over the next five years,” concluded Mr Devitt.
CoreLogic Economist Kaytlin Ezzy said, “The uptick in land prices and sales is following similar patterns to the overall housing market, with growth skewed towards the mid-sized capitals and corresponding regional markets.
“The combination of higher interest rates and low land supply has seen new annual dwelling approvals fall 12.8 per cent over the past year. While the government's $1 billion of additional funding for the Housing Support Program, announced on budget night, should help alleviate some of the infrastructure hurdles for land development, it will take some time for this to translate into an increase in land supply and land availability will likely continue to be a major factor hindering growth in overall housing supply.”
“Tonight’s Budget-reply by the Coalition included a key measure to provide $12,000 of financial support for small businesses and tradies to take on an apprentice and support them through their trade” stated HIA Managing Director, Jocelyn Martin.
Treasurer Jim Chalmers, in his Budget speech stated: “And we’re easing pressure on the housing market by banning foreign investors from buying established homes and cracking down on foreign land banking as well.
“The Albanese government’s fourth Federal Budget provided a critical juncture to double down and pull out all stops to address the nation’s crippling housing crisis, but, yet again it was a case of focusing on small target solutions, “ Managing Director HIA Jocelyn Martin said today.
“Inadequate planning for growth in the demand for land and housing has contributed substantially to the excessive cost and significant undersupply of new homes being felt across all states and territories,” said Mike Hermon, HIA Executive Director Planning & Environment.