Insights from March 2024 Home Sales
The most recent report indicates that sales of new homes in March rose by 4.9% from the preceding month. However, this year unit sales in the first three months have not increased much from the last three months in 2023. The future building of new homes is doubtful. This is because not many new homes were sold in the first three months of 2024, and as a result, few units might be built this year. The units of new homes in the first three months of this year were substantially lower than the previous years.
Here’s how the new home sales in March stack up in each state: New South Wales fell by 21.6%; however, in other big states, such as South Australia and Western Australia rose by 14.2% and 10.3%, respectively. Furthermore, while the overall sales fell, some states performed better compared to last year. There was a 41.0% growth in new home sales in the three months up to March 2024 rather than three months from the same period a year ago in Queensland. Moreover, the same period shows good improvement in Western Australia and New South Wales.
Slow sales in New South Wales and Victoria are attributed primarily to high land prices and an increase in interest rates. The costs that are driving up goods are slowing growth in these areas. Finally, economists claim that it is crucial to reduce these costs to the Australian government’s desire to build 1.2 million new homes in five years.
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Bottom Line
The housing market right now is complicated. There are some small improvements, but these are overshadowed by very low sales in some areas and differences between regions. As 2024 progresses, people in the industry and those looking to buy homes need to carefully plan their actions. They should use good financial advice to help them deal with these challenges.
If you need assistance with financial planning or mortgage advice, consider reaching out to Nfinity Financials for expert support on your journey to homeownership. Book a consultation call today! For more market updates, Read our insights.