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{{propApi.successMessage}} {{region}} Change locationSales of new homes higher in January
Sales of new homes higher in January
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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.
“The monthly rise in new home sales occurred prior to the cash rate cut in February, which should further boost market confidence,” added Mr Tapang.
“Sales have been increasing off a very low base, consistent with stable economic conditions. Unemployment remains at very low levels, while there remains an acute shortage of housing stock.
“The volume of new homes sold nationally in the three months to January 2025 were also 4.1 per cent higher compared to the same period in the previous year.
“Poor sales volumes in New South Wales and Victoria have obscured an improvement in Western Australia, Queensland and South Australia.
“This likely reflects the relative affordability of these markets, with the cost of a new detached house in Sydney and Melbourne prohibitively expensive for a larger number of households.
“The volume of detached house approvals in Australia has also picked up, with the 2024 calendar year seeing 6.8 per cent more houses approved for construction compared to 2023.
“The rise in new home sales and new detached house approvals in is consistent with expectations of an increase in the volume of homes commencing construction this year,” concluded Mr Tapang.
“New home sales in the three months to January 2025 increased by 70.5 per cent in New South Wales compared to the same time in the previous year, off a very low base. This was followed by South Australia (+22.3 per cent) and Queensland (+12.3 per cent). New home sales were virtually unchanged in Victoria (-0.5 per cent) over the same period, while Western Australia recorded a 26.1 per cent decline but only due to capacity constraints, particularly with labour.
Private New House Sales - Australia (seasonally adjusted)
NCC 2025 preview released
The final content of NCC 2025 has been released today as a ‘preview’ by the Australian Building Codes Board (ABCB) on its website ahead of potential adoption later this year in most states and territories.
Extension of Home Building Grants to 2027
The Northern Territory Government has announced the extension of the $50,000 and $30,000 Home Building Grants till September 2027.
HomeGrown grant extension to 2027 key to driving growth in the Territory
“Today’s announcement on the continuation of the HomeGrown build grants through to September 2027, will provide builders and tradies across the Territory with confidence to plan projects, retain workers and invest in local capability,” stated HIA Executive Director Northern Territory, Luis Espinoza.
Raising interest rates to fight housing-driven inflation is like killing the patient to cure the fever
If governments continue to rely on higher interest rates and the RBA alone to manage inflation, they risk prolonging inflation, higher unemployment and worsening affordability all at the same time.