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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
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Victorian Budget Contains Few Positives for Home Builders
This year’s predictable ‘election focused’ State Budget has missed the opportunity to improve the environment for home building. It contains few positive measures to increase housing supply, address housing affordability and lower the costs facing new home builders.
HIA welcomes grant extensions in NT Budget but calls for stronger skills focus
“The Housing Industry Association (HIA) says the Northern Territory’s 2026–27 Budget maintains key housing incentives but falls short of the investment needed to significantly lift housing supply and address skills shortages in the construction sector,” said Luis Espinoza, HIA Executive Director, Northern Territory.
Queensland Government delays adoption of NCC 2025
The Queensland Government has confirmed while the National Construction Code (NCC) 2025 has been formally adopted, its commencement in Queensland has been deferred until 1 May 2027.
Victorian budget – Victoria no easier, safer or affordable for business
“The 2026/27 Budget handed down by the Victorian government today once again does not deliver meaningful tax reforms that will increase housing supply, address housing affordability and lower the costs facing home builders,” says HIA Victoria Executive Director, Keith Ryan.