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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.
“Nationally, new home sales fell by 10.1 per cent in the month of November, offsetting the strong 8.8 per cent rise in sales in October,” added Mr Tapang.
“All indicators show an improvement in market confidence through the course of 2024. It is now more than twelve months since the last rate rise and leading indicators of building activity, including new home sales, suggest a modest improvement in the volume of new homes commencing construction is likely to emerge in 2025.
“New home sales in the last twelve months to November were 8.2 per cent higher than in the previous year. This improvement is from a very low base.
“Stabilising home building materials costs, a return to normal build timeframes, low unemployment and unchanged cash rate settings have provided the certainty that new home buyers need.
“The rise in sales has been geographically dispersed, with markets such as Queensland, South Australia and Western Australia faring better than the two largest states.
“This comes as these markets continue to experience stronger than usual population growth. Interstate migration into Queensland and Western Australia in particular remains strong.
“Rising new home sales has also been flowing through housing approvals data, particularly in Western Australia where sales have begun increasing in late 2023 and early 2024.
“As the volume of established homes available for purchase and rent remains inadequate to service growing demand, buyers are increasingly returning to the new home market,” concluded Mr Tapang.
“Sales in South Australia in the three months to November 2024 rose by 31.8 per cent compared to the same time in the previous year. This was followed by Queensland (+19.7 per cent) and Victoria (+0.8 per cent). Sales in Western Australia in the three months to November 2024 fell by 29.1 per cent compared to the previous year, followed by New South Wales (-7.3 per cent).
A beautifully executed renovation and two-storey extension of a 1900s period home in Wangaratta has been named HIA Northern Victoria Home of the Year at the 2025 HIA Northern Victoria Regional Housing Awards, held in Yarrawonga on Friday night.
“The expansion of the Home Guarantee Scheme announced by the Minister for Housing, Clare O’Neil MP, to take effect from 1 October 2025, will reduce the time to save a deposit by up to four years,” stated HIA Senior Economist Tom Devitt.
“Harnessing artificial intelligence to drive a once in a generation overhaul of planning systems across the country could be the circuit breaker Australia needs to deliver 1.2 million homes over next 5 years” said Sam Heckel HIA Executive Director, Planning & Environment.
The Housing Industry Association (HIA) is pleased to announce Structerre Consulting as the headline partner of the 2025 HIA Western Australian Housing and Kitchen and Bathroom Awards.