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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.”
“Australia’s population reached 27.4 million by the end of 2024, up by 445,900 people, or 1.7 per cent for the year,” stated HIA Senior Economist, Tom Devitt.
The Tasmanian election that no-one wanted to have is in full swing, and while the limited campaign period is unlikely to provide the usual platform to promote key policies and reforms, HIA is calling on both major parties to prioritise housing policies given the significant challenges across the state.
“Our dated and complex planning system is littered with speed bumps that could easily be removed”, said Brad Armitage, HIA NSW Executive Director.
“The Victorian government’s proposal to update home building contract laws to make them fit for use in the 21st century is welcomed by HIA,” stated HIA Executive Director, Keith Ryan.