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{{propApi.successMessage}} {{region}} Change locationWA, QLD, SA set for an increase in detached home building
WA, QLD, SA set for an increase in detached home building
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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.
“This increase in sales was first observed in Western Australia in the second half of 2023 when sales in that market started to increase. This year, sales in Queensland and South Australia have also observed a sustained increase in recent months,” added Mr Tapang.
“Driven by this increase in sales in these three states, new home sales in the June quarter 2024 were 20.4 per cent higher compared to the same period in the previous year.
“With the sales recovery in these markets now sustained, an increase in the number of new detached houses commencing construction will be observed in the second half of this year, albeit from a low base.
“Market confidence is returning as the impact of rate increases dissipates and the shortage of housing stock makes new home building increasingly attractive.
“These three markets have seen demand for new homes increase due to strong employment opportunities and relatively affordable land, driving local population growth.
“At the same time, new home sales in New South Wales and Victoria remain weak despite similar growth in demand. The adverse impact of rate rises is more significant here due to the higher cost of residential land in Sydney and Melbourne.
“Sales in New South Wales and Victoria have also been constrained by the introduction of additional regulatory costs, through the National Construction Code which has distorted sales data.
“As a result, there is not the significant or sustained increase in sales required to expect an increase in home building in either of these markets.
“The higher cost of delivering a new house and land package, due to higher taxes, fees and charges in these markets, is impairing the recovery of detached home building.”
The ABS also released its Building Activity data today for the March quarter 2024. This data provides estimates of the value of building work and number of dwellings commenced, completed and under construction across Australia and its states and territories.
“There were 39,720 dwellings that commenced construction in the March quarter 2024. This is 0.5 per cent higher compared to the previous quarter, but 13.5 per cent below compared to the same quarter in the previous year.
“Australia completed 41,330 dwellings in the March quarter 2024, which is 9.5 per cent lower than the previous quarter and 8.1 per cent lower compared to the previous year.
“There were 25,600 detached homes that were completed in the March quarter 2024, down by 16.8 per cent compared to the previous quarter and down by 8.9 per cent compared to the previous year.
“The volume of residential dwellings under construction rose marginally in the quarter but remained lower than at the same time in the previous year. This suggest that home building will not continue to drag on GDP growth,” concluded Mr Tapang.
New home sales saw the largest increase in the June quarter 2024 in New South Wales, up by 32.8 per cent compared to the March quarter, followed by South Australia (+29.3 per cent), Queensland (+19.5 per cent), Victoria (+10.3 per cent), and Western Australia (+7.8 per cent).
New home sales in the financial year 2023/24 increased by 25.4 per cent in Western Australia, followed by Queensland (+10.6 per cent) and South Australia (+2.3 per cent). The two other states recorded a decline in 2023/24, with Victoria down by 7.6 per cent and New South Wales down by 7.5 per cent.
Dwelling commencements in the March quarter 2024 increased by 24.9 per cent in Western Australia compared to the same quarter in the previous year, followed by the Australian Capital Territory (+24.7 per cent). The other jurisdictions recorded a declines in commencements, led by the Northern Territory (-41.2 per cent) followed by Tasmania (-37.0 per cent), New South Wales (-29.7 per cent), Victoria (-13.8 per cent), Queensland (-9.5 per cent), and South Australia (-4.8 per cent).
Private New House Sales - Australia (seasonally adjusted)
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