{{ propApi.closeIcon }}
Our industry
Our industry $vuetify.icons.faArrowRight
Housing industry insights Economics Insights Data & forecasts Tailored research & analysis Advocacy & policy Advocacy Policy priorities Position statements Submissions News & inspiration Industry news Member alerts Media releases HOUSING Online
Business support
Business support $vuetify.icons.faArrowRight
For your business Contracts Online Safety systems & solutions Advertise jobs HIA SafeScan Member perks Toyota vehicles The Good Guys Commercial Ampol fuel savings See all Industry insurance HIA Insurance Services Construction works insurance Home warranty insurance Tradies & tool insurance Apprentices Why host a HIA apprentice? Hire an apprentice Support & guidance Contracts & compliance support Building & planning services
Resources & advice
Resources & advice $vuetify.icons.faArrowRight
Building it right Building codes Australian standards Getting it right on site See all Building materials & products Concrete, bricks & walls Getting products approved Use the right products for the job See all Managing your business Dealing with contracts Handling disputes Managing your employees See all Managing your safety Safety rules Working with silica See all Building your business Growing your business Maintaining your business See all Other subjects Getting approval to build Sustainable homes See all
Careers & learning
Careers & learning $vuetify.icons.faArrowRight
A rewarding career Become an apprentice Apprenticeships on offer How do I apply? Frequently asked questions Study with us Find a course to suit you Qualification courses Learning on demand Professional development courses A job in the industry Get your builder's licence Continuing Professional Development (CPD) Further your career Find jobs
HIA community
HIA community $vuetify.icons.faArrowRight
Join HIA Sign me up How do I become a member? What's in it for me? Mates rates Our podcasts Made To Build Built Different HIA Building Australia Building the Hunter Our initiatives HIA Building Women GreenSmart Kitchen, bathroom & design hub Get involved Become an award judge Join a committee Partner with us Support for you Charitable Foundation Mental health program Get to know us Our members Our people
Awards & events
Awards & events $vuetify.icons.faArrowRight
Awards Awards program People & Business Awards GreenSmart Australian Housing Awards Awards winners Regional Award winners Australian Housing Award winners 2025 Australian Home of the Year Enter online Industry events Events in the next month Economic outlook National Conference Events calendar
HIA shop
HIA shop $vuetify.icons.faArrowRight
Most popular products National Construction Code Vol 1 & 2 Waterproofing wet areas AS 3740:2021 HIA Guide to Waterproofing HIA Guide to NCC Livable Housing Provisions Top categories Building codes & standards Contracts & documents Guides & manuals Safety products Signage For your business Contracts Online Digital Australian Standards Digital Resource Library Forecasts & data
About Contact Newsroom
$vuetify.icons.faTimes
$vuetify.icons.faMapMarker Set my location Use the field below to update your location
Address
Change location
{{propApi.title}}
{{propApi.text}} {{region}} Change location
{{propApi.title}}
{{propApi.successMessage}} {{region}} Change location

$vuetify.icons.faPhone1300 650 620

Stable conditions boost new home sales in 2024

Media release

Stable conditions boost new home sales in 2024

Media release
“New home sales in 2024 strengthened compared to the previous year despite the headwinds of high borrowing, land and building costs,” stated HIA Economist, Maurice Tapang.

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

Private New House Sales - Australia (seasonally adjusted)

Source: ABS

For more information please contact:

Maurice Tapang

Senior Economist

Thomas Devitt

Senior Economist
Latest articles
View all news $vuetify.icons.faArrowRight
31 Jul
HIA welcomes key findings of interim Productivity Commission’s 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.

31 Jul
Building approvals pick up 2024/25

“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.

30 Jul
HIA urges action to back Australian building product manufacturers

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.

29 Jul
Amendment NCC 2022 published to align with the Premises Standards

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