South Australia is witnessing a notable increase in construction activity and sales of new dwellings following recent government policy changes. The SA Government, in its June State Budget, removed the threshold on stamp duty relief for first home buyers, which has since yielded a 7.6% increase in the number of loans to construct or purchase new dwellings. This data comes from the Australian Bureau of Statistics (ABS) and places South Australia as the second strongest in the country, just behind Queensland, and well ahead of the 5.3 percentage points higher than the national average.
There has also been a 6.9% rise in housing finance commitments for first home buyers since 2022. This growth is seen as a crucial step in the government’s comprehensive plan to address the ongoing housing crisis, through initiatives like the Housing Roadmap which proposes the creation of thousands of new homes across the state.
The confidence in South Australia’s property sector is leading the nation, according to the latest survey results from the Property Council and Procore. The state’s strategies have also received recognition from the Housing Industry Association (HIA), where South Australia ranked first in its Housing Scorecard.
Treasurer Stephen Mullighan shared, “This result reinforces the Malinauskas Labor Government’s decision to lift the threshold for stamp duty relief, enabling more first home buyers to enter the housing market, at the same time as boosting the construction of new dwellings.”
Mullighan continued, “South Australia’s property and construction sectors continue to outperform the rest of the nation, despite significant economic headwinds.
“The State Government remains committed to providing an operating environment that supports property sector growth and makes South Australia an ideal place to develop land.”
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