Despite post-Covid issues with rising construction costs and timeframes, new data shows buyers are turning toward new-build homes.

REA Group’s 2024 Property Seeker Report shows in the past 12 months, 48% of homebuyers surveyed in South Australia are considering buying or have already bought a new home. In New South Wales and Victoria, it is 42% of buyers, 40% in Western Australia and 36% in Queensland. And first home buyers are even more attracted to new builds with more than half (51%) either buying or considering buying a new property. Government incentives are targeted towards new builds giving first-time buyers a financial incentive to purchase.

The analysis says the drop in home prices, especially in Melbourne, is making that market more attractive, particularly with first-home buyers. For first-home buyers, 63% chose a new build in South Australia, 52% in Western Australia, 51% in NSW and Victoria, and 48% in Queensland. The leading suburb for first-home buyers searching for houses is Tarneit in Victoria.