As the demand for land increases, new data from the Australian Bureau of Statistics reveals 45,000 new homes were completed in the third quarter of 2024.

Victoria led the way, with over 15,000 homes finished, followed by New South Wales (11,220), Queensland (8,177), Western Australia (5,924), South Australia (3,104), ACT (943), Tasmania (704), and the Northern Territory (122).

Matthew Kandelaars, Group Executive of Policy and Advocacy at the Property Council of Australia, stresses the need to accelerate housing construction to meet the Federal Government’s target of 1.2 million new homes in the next five years.

The completed homes in the quarter fall short of the pace needed to hit this goal.

The data also shows that 43,000 homes are under construction, a 13.9% increase from the same time in 2023.

Denita Wawn, CEO of Master Builders Australia, notes that most new homes are detached houses, but urges a boost in apartment construction to address the housing crisis.

She says more apartments are essential to lower rental inflation and provide more options for Australians.