Recent data from the Housing Industry Association (HIA) reveals a significant uptick in new home sales across Australia, marking a promising trend in the property market. The June quarter saw new home sales rise by an impressive 20.4% compared to the same period in 2023. According to HIA economist Maurice Tapang, sales increased nationally by 15.7% in the June quarter of 2024 compared to the March quarter, indicating a robust recovery and growing demand for new properties.
The surge in new home sales began in Western Australia during the second half of 2023 and extended to Queensland and South Australia in the first half of 2024. Tapang attributes this growth to strong employment opportunities and relatively affordable land in these regions, which have spurred local population growth and heightened demand for new homes. “These three markets have seen demand for new homes increase due to strong employment opportunities and relatively affordable land, driving local population growth,” Tapang explains.
As market confidence returns and the effects of previous interest rate increases fade, the shortage of housing stock is making new home construction increasingly attractive to buyers. Tapang notes, “Market confidence is returning as the impact of rate increases dissipates and the shortage of housing stock makes new home building increasingly attractive.” This renewed interest is expected to lead to a rise in construction activity later in the year.
At Luminur Projects, we are keenly aware of the evolving dynamics in the Australian property market. As specialists in off-the-plan property sales and development, we are well-positioned to capitalize on this growth by offering expertly marketed projects that meet the needs of today’s discerning buyers. Our commitment to excellence and innovation ensures that we continue to attract and engage buyers, facilitating successful transactions and driving growth in the property sector.
