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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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Agreement on Draft NCIF Blueprint an important step forward
“The Housing Industry Association (HIA) took part in the National Construction Industry Forum (NCIF) today and it was encouraging that the Forum reached agreement on establishing a draft ‘Blueprint for the Future’ to drive long-term change in the industry,” said HIA Managing director, Jocelyn Martin.
Building Standards are not planning controls
“The proliferation of building standards in Council planning controls needs to stop now,” said Brad Armitage HIA Executive Director NSW.
Streamlined planning system to deliver more homes for Tasmanians
“It is pleasing to see that should the Tasmanian Liberal Government be re-elected it is committed to planning reform and streamlining approvals that can deliver tangible and improved planning outcomes to get Tasmanians in homes faster,” said HIA Executive Director Tasmania Stuart Collins.
IPART Review of Sydney Water Prices
In line with this, HIA notes that the Sydney Water Price Proposal 2025-30 (SW proposal), highlights the critical relationship between the provision of water related infrastructure and housing delivery, and has set its capital expenditure proposal accordingly.