Sales of new-build homes dipped slightly in August, according to a monthly survey of Australia’s largest volume home builders.
The latest HIA New Home Sales report shows that new home sales nationally fell by 1.3% in the month of August. Sales in the three months to August 2024 were higher by 4.6% than at the same time the previous year.
Queensland continues to stand out, with sales there increasing by a further 3.8% in August, following a strong 15.6% rise in July. This leaves new home sales in Queensland over the three months to August 2024 higher by 53.5% compared with the previous year.
Sales also lifted in South Australia (up 25%) and New South Wales (12%), while Western Australia recorded a 14.2% decline followed by Victoria (down 11.3%).
HIA Economist Maurice Tapang says that strong population growth, particularly from other states into Queensland, is supporting demand for new homes, whereas new home sales in NSW remain weak because the cost of delivering new ‘house and land’ packages in Greater Sydney remains elevated by regulatory changes and land prices.
“It is increasingly evident that an increase in home building activity, expected towards the end of this year and into early next year, will be driven by those markets outside of Sydney and Melbourne”, Tapang concluded.
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