Property buyers are targeting new properties with the latest figures showing a lift in new home sales in the June quarter.

According to the Housing Industry Association new home sales during the quarter are 20.4% higher than at the same time in 2023.

HIA economist, Maurice Tapang, says sales of new homes nationally increased by 15.7% in the June quarter of 2024 compared to the March quarter. He says this will result in a lift in construction later in the year. The increase in demand started in Western Australia in the second half of 2023 according to Tapang. It was followed by an increase in new home sales in Queensland and South Australia in the first half of 2024.

“These three markets have seen demand for new homes increase due to strong employment opportunities and relatively affordable land, driving local population growth,” Tapang says. “Market confidence is returning as the impact of rate increases dissipates and the shortage of housing stock makes new home building increasingly attractive.”