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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.
“Interest rate stability, low levels of unemployment, strong population growth and improvements in real wages helped boost new home sales from its trough, increasing by 8.2 per cent in 2024,” added Mr Tapang.
“It is now almost fifteen months since the RBA last raised interest rates. New home buyers are slowly returning to market amid expectations of rate cuts this year.
“The recent rise in new home sales has also been geographically dispersed, driven by those markets outside of the two largest states, New South Wales and Victoria.
“Western Australia was the first market to see a notable increase in new home sales last year, with a slowdown in sales in 2024 coming as a result of capacity constraints.
“Queensland and South Australia followed, recording the strongest growth in new home sales across all markets in 2024, off their troughs in the previous year.
“The volume of new homes sold in Victoria was virtually unchanged in 2024 compared to the previous year. Sales in Victoria have yet to pick up remarkably since the pull-forward in sales in April 2024 due to regulatory changes.
“New South Wales recorded an 11.8 per cent increase in the 2024 calendar year, albeit from very low levels in 2023 when sales fell by more than 50 per cent.
“The high cost of residential land, particularly in Sydney, is preventing New South Wales from seeing a stronger increase in new home sales despite ongoing population growth and acute shortages of housing.
“The recent increase in new home sales in most markets is beginning to trickle through to approvals data, with 109,610 houses approved nationally in the most recent twelve months.
“With new home sales and detached house approvals picking up in 2024, the improvement in the volume of new homes commencing construction is likely to be sustained, progressing further into 2025,” concluded Mr Tapang.
“New home sales in Queensland rose by 40.6 per cent in the 2024 calendar year, the strongest increase across all markets. This was followed by South Australia (+25.8 per cent) and New South Wales (+11.8 per cent). Sales in Victoria were virtually unchanged (-0.6 per cent), while Western Australia recorded a 7.1 per cent decline in sales in 2024.
Download our HIA New Home Sales Report
“The Housing Industry Association (HIA) welcomes the release of the Queensland Productivity Commission’s interim report into construction productivity It is a significant and necessary step toward overcoming the housing supply challenges facing Queensland,” said Michael Roberts, HIA Executive Director Queensland.
“New home building approvals in the 2024/25 financial year were up by 13.9 per cent compared to their 2023/24 trough,” stated HIA Senior Economist Tom Devitt.
HIA is calling on the Federal Government to act urgently to support Australia’s building product manufacturers and suppliers, an industry worth more than $130 billion and critical to the delivery of new housing across the country,” HIA Managing Director, Jocelyn Martin said today.
With the delay to decisions on the content of NCC 2025, the ABCB has published a further amendment to the current NCC 2022 which applies from 29 July 2025. The purpose of this minor amendment is to align the NCC with recent changes to the Premises Standards which apply to Class 3 to 9 public buildings, common areas of Class 2 apartment buildings and short-term accommodation