As buyers turn their attention to land, new data from the Australian Bureau of Statistics shows about 45,000 homes were officially completed over the third quarter of 2024.

Victoria by far delivered the most new homes, with more than 15,000 finished in the quarter, followed by New South Wales, with 11,220, Queensland (8177), Western Australia (5924), South Australia (3104), ACT (943), Tasmania (704) and the Northern Territory (122)

The Property Council of Australia group executive of policy and advocacy, Matthew Kandelaars, says it’s important that construction of new housing be ramped up “as quickly as possible”. The number of homes completed in the quarter is well below the rate needed to meet the Federal Government’s target of 1.2 million new homes in five years. The data also shows that work started on an additional 43,000 properties that were not yet completed at the end of the quarter, which is 13.9% higher than the same time in 2023.

Master Builders Australia, CEO, Denita Wawn, says the majority of properties constructed during the quarter are detached houses. She says it’s important that the construction of apartment projects also lifts. “If we are going to solve the housing crisis, we need to build more apartments and make them more attractive for people to invest in – only then will we see a lowering of rental inflation and more homes for Aussies,” she says.