New home sales soar in SA
New data shows South Australia is outperforming every other state, bar one, when it comes to new home sales.
The Housing Industry Association’s (HIA) New Home Sales Report showed that new home sales in South Australia increased by 20.4 per cent over August.
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That put the state ahead of Victoria (17.5 per cent growth), Western Australia (11.3 per cent) and NSW, which recorded a fall of -2.6 per cent.
Only Queensland beat out South Australia over August.
It’s the second consecutive month of strong growth for the southern state, and it follows the nation-leading spike South Australia saw in July, where new home sales were up by 35.5 per cent.
All in all, new home sales in South Australia jumped 20.3 per cent compared to the preceding three-month period.
The HIA report, as quoted in a statement from South Australian MP Nick Champion, the Minister for Housing and Urban Development, stated that South Australia’s “strong interstate migration and affordability advantages over the eastern states, along with recent favourable state government policy changes” are key factors behind the sustained growth – and expectations for further future growth.
Mr Champion added that the boosted numbers also follow the abolishing of stamp duty for first home buyers of new homes back in June 2023.
Under the scheme, eligible first home buyers who build or buy a new home valued up to $650,000 can now receive up to almost $30,000 in stamp duty relief. They are also able to access a First Home Owner Grant payment of $15,000.
Revealed in the state’s budget, the government also allocated nearly $500 million to support the delivery of 3,600 new homes over five years, while also reducing the cost of housing for a further 14,000 new homes.
Weighing in on the latest new home data, Mr Champion said: “This is another strong result for South Australia reflecting the work we are doing to support our building industry and economy.”
“We know the construction sector is facing pressure as new builds slow across the country, but SA continues to defy the downturn.”
He believes “measures like abolishing stamp duty for first home buyers and supporting new housing developments will only help fuel future growth”.
“We are committed to boosting supply across the state and these back-to-back results demonstrate confidence for our significant pipeline of future works,” he concluded.
It comes after the state’s push for further business investment – touting stamp duty breaks and cheap land tax as well as lifestyle factors as reasons that business owners and companies should set up shop across South Australia.
