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{{propApi.successMessage}} {{region}} Change locationNew home sales up by 11 per cent on last year
New home sales up by 11 per cent on last year
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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 fell back marginally by 4.1 per cent in July, however sales this year remained stronger than at the same time in the previous year,” added Mr Tapang.
“This is consistent with our expectations that detached home building will pick up pace in the second half of 2024.
“Queensland saw a 15.6 per cent increase in new home sales in July 2024 compared to the previous month. This leaves sales over the past three months 60.1 per cent higher than at the same time the previous year.
“Sales in South Australia were 55.8 per cent higher in the three months to July 2024 than at the same time in the previous year, despite a monthly decline.
“New home sales in Western Australia remain elevated, despite a fall in recent months, as this market is constrained only by the capacity of the industry, not demand.
“Sales of new homes in New South Wales and Victoria are continuing to bounce along the bottom of their respective cycles.
“The rise in interest rates hurts these markets, particularly in Sydney and Melbourne, more significantly due to the higher costs of land.
“These sales figures suggest that the improved number of homes commencing construction across Australia will be driven by smaller markets outside of Sydney and Melbourne.
New home sales in the three-month period to July 2024 increased in Queensland by 60.1 per cent compared to the same time in the previous year, followed by South Australia (+55.8 per cent), New South Wales (+17.5 per cent), and Western Australia (+1.4 per cent) which is coming off a higher base. Victoria recorded a 13.3 per cent decline over the same period.
Private New House Sales - Australia (seasonally adjusted)
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HIA supports extension of HomeGrown Territory grants
“The Housing Industry Association (HIA) welcomes the extension of the HomeGrown Territory grants until September 2026, which will support more Territorians into their own home,” said Luis Espinoza, HIA’s Executive Director.
Housing industry welcomes new Albanese cabinet appointments
“The Housing Industry Association (HIA) welcomes the announcement of the new Ministerial cabinet, set out by the Prime Minister today, and in particular the expansion of the housing portfolio to take in the future cities planning and a separate special envoy focused on social housing and homelessness,” said HIA Managing Director, Jocelyn Martin.
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.