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{{propApi.successMessage}} {{region}} Change locationHome building costs rise less than CPI
Home building costs rise less than CPI
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The ABS released its Producer Price Index data for the September quarter 2024 today, which provides the latest statistics on input prices across different sectors including the home building industry.
The ABS also released the Lending Indicators data for the month of September 2024 today, which provides the latest statistics on housing finance commitments.
“Disruptions to global supply chains have largely abated, the volume of home building has slowed, and build times are back to pre-pandemic levels,” added Mr Tapang.
“Stable interest rates and construction costs are seeing consumers increasingly engage in new home building.
“This return of confidence is consistent with the 14.3 per cent rise in lending for new home purchase and construction in the September quarter 2024 compared to the same time in the previous year.
“The rise in activity in the new home segment is increasingly driven by a return of more owner-occupiers to the market as unemployment remains low, and interest rates remain unchanged.
“Investors have been also active in building new homes in this cycle amid the shortage of housing, evident in rising rental yields, house prices and increasing activity in the established dwelling market.
“First home buyers have been very resilient in this cycle, despite the rise in the cash rate. Lending to first home buyers in the September quarter 2024 rose by 7.8 per cent compared to the same time in the previous year.
“As is typical of these cycles, the first to return to market are investors, followed by trade-up owner occupiers, first home buyers and increasingly those building a new home. The leading indicators reinforce the suggestion of an increase in home building activity in late 2024 onwards,” concluded Mr Tapang.
Materials price increases were recorded in copper pipes and fittings (+15.1 per cent). This was followed by electrical cable and conduit (+12.9 per cent), electrical equipment (+9.7 per cent), fibrous cement products (+7.3 per cent), and paint and other coatings (+6.5 per cent).
The number of loans issued in the September quarter 2024 for new homes increased by 36.2 per cent in Western Australia compared to the previous year, followed by Queensland (+32.0 per cent), South Australia (+31.0 per cent), the Australian Capital Territory (+23.8 per cent), Tasmania (+10.3 per cent) and New South Wales (+9.4 per cent). Victoria remained relatively unchanged (-0.1 per cent), while the Northern Territory declined by 9.4 per cent over the same period
House Construction Input Price Index, Growth Rates
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More complying development means more keys in doors
“Expanding complying development will speed-up the delivery of keys in doors to new homes sooner,” said Brad Armitage HIA Executive Director NSW.
Are your potential clients looking for support to build a new home?
Over the past few years, the Federal Government has made a number of commitments to support homeowners into the dream of homeownership. The ‘Help to Buy Program’ is one of these commitments.
RBA misses opportunity
“The RBA decision to keep interest rates in restrictive territory today will not stop the improvement in leading indicators of future home building,” stated HIA Senior Economist Tom Devitt.
Housing and Productivity Contribution Scheme Works-in-Kind Guideline
In mid-June 2025, the NSW Premier released the Housing and Productivity Contribution (HPC) Works-in-Kind Guideline for public consultation.