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{{propApi.successMessage}} {{region}} Change locationNew home sales down modestly in August
New home sales down modestly in August
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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.
“Increasing activity in other states, particularly in Queensland, are counteracting weak new home sales in the two largest markets of NSW and Victoria,” added Mr Tapang.
“New home sales in Queensland increased by a further 3.8 per cent in the month of August, after recording a strong 15.6 per cent increase in July.
“This leaves new home sales in Queensland over the three months to August 2024 higher by 53.5 per cent compared to the same period in the previous year.
“Strong population growth, particularly from those moving from other states into Queensland, are supporting demand for new homes.
“Sales of new homes in South Australia and Western Australia fell in the month of August, from strong levels.
“It is possible that investor activity in Western Australia is slowing down as it moves through a cycle of strong house price growth and low vacancy rates.
“In Victoria, new home sales have been very bumpy in recent months. The draw-forward of sales in April continues to affect sales in the months that followed.
“New home sales in NSW remains weak as the cost of delivering a new ‘house and land’ package in Greater Sydney remains elevated by regulatory changes and land prices.
“It has been more than ten months since the last rate increase. The continued undersupply of homes and robust labour market conditions are assisting a return of consumers to the new home market.
“It is increasingly evident that an increase in home building activity, expected towards the end of this year and into early next year, will be driven by those markets outside of Sydney and Melbourne,” concluded Mr Tapang.
New home sales in the three-month period to August 2024 increased in Queensland by 53.5 per cent compared to the same time in the previous year, followed by South Australia (+25.0 per cent), New South Wales (+12.0 per cent). Western Australia recorded a 14.2 per cent decline over the same period, followed by Victoria (-11.3 per cent).
Private New House Sales - Australia (seasonally adjusted)
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