New home sales saw an 8.2% increase in 2024, driven by interest rate stability, low unemployment, population growth, and rising real wages, according to the HIA New Home Sales report.
HIA Economist Maurice Tapang noted that home buyers gradually return to the market, anticipating potential rate cuts.
Growth was most substantial in Queensland (+40.6%), South Australia (+25.8%), and New South Wales (+11.8%), while Victoria remained stable (-0.6%), and Western Australia saw a 7.1% decline due to capacity constraints.
Despite high land costs in Sydney, the overall increase in sales is expected to sustain new home construction into 2025.
