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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.
“Victoria was the only one of the five largest states to have seen a fall in new home sales in the month, which left the three months to January 2025 down by 6.6 per cent compared to the previous quarterly period,” added Mr Ryan.
“When compared to the previous year, new home sales in Victoria have remained virtually unchanged, falling by 0.5 per cent.
“This makes Victoria the only one of the five largest states to have not seen an improvement in sales from this cycle’s trough. Australia’s largest home building market should be doing much better than this with a growing population and high employment rates.
“This flat result in new home sales is also evident in other leading indicators of home building activity, with house approvals in the 2024 calendar year up by just 1.5 per cent compared to 2023.
“The flat sales and approvals results came just before the Reserve Bank of Australia cut interest rates in February. This is expected to help boost activity in the new housing market.
“HIA forecasts detached home building starts in Victoria to increase modestly in 2024/25, up by 3.2 per cent from very weak levels in the previous year.
“Interest rate cuts should help increase demand for new homes. However, far more important will be the policy decisions that either increase or decrease the costs of land and construction in Victoria. It is becoming clearer that Victoria’s excessive tax burden is a major cause of the poor performance of the home building industry. If Victoria continues to lag behind other states in coming months, it will be harder to blame interest rates for reduced consumer demand.
“If the Victorian government wants to achieve its housing targets and address the housing crisis, policy reforms are needed to reduce the costs of land and construction,” concluded Mr Ryan.
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
“HIA alongside a group of construction leaders and Standards Australia came together today at Parliament House, to present a united front in getting easier access to Australian Standards in the hands of those who need them most,” said HIA Managing Director, Jocelyn Martin.
HIA has made a comprehensive suite of submissions to the Productivity Commission ahead of the upcoming Treasurer’s Economic Reform Roundtable on 19-21 August.