New home sales pick up, except in Sydney

New home sales off the lows

The proportion of employers preparing to increase staffing levels declined from 22 per cent to 19 per cent, according to the latest recruitment report from Jobs & Skills Australia.

It's still not always easy to find the required staff, though, especially in regional Australia, where recruitment difficulty rates remain quite elevated.

In other news relating to the housing shortage, new home sales rose by a promising 9.4 per cent in October, which should result in a rebound in new housing starts in 2025. 

The increase was driven by a 26.5 per cent increase in Victoria, where stamp duty has been scrapped for new builds since October 1, with no price caps. 

Most other cities and states are seeing a recovery from the nadir, with the notable exception of Sydney.

Reported the HIA:

“New home sales nationally are showing an upward trend, with sales in the last twelve months 8.0 per cent higher compared to the previous year.

“The rise in new home sales will see an increase in house commencements from early 2025.

“If this trend continues, New South Wales will be the only laggard market for home building activity. This is driven by the high cost of residential land, particularly in Greater Sydney."

There's been such a large rise in construction costs since 2020 that Sydney is unlikely to see a recovery in multi-unit building until prices have increased significantly. 

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