The UDIA Housing Index (UHI) provides a quarterly ‘health check’ on the state of the new build Australian housing market. Drawing from a range of data sources the UHI provides timely indicators of changes in demand, supply and costs for new residential properties across the nation.

UDIA National Research Partner

December Quarter 2024

Key Insights

The national housing market continues to be severely impacted by high costs and a low supply profile which are collectively contributing to the national UDIA Housing Index (UHI) recording a below average level of performance.
The UDIA Housing Index  for all of Australia weakened by 2.7% in the December quarter to finish at 91.01 points. This reflects the weakest four consecutive quarters of housing market performance (as measured by the UHI) since the commencement of the COVID pandemic in March 2020.
The current UHI reading is 6.8% below the long run national average and 17% below the peak achieved in June 2021.
The UDIA Housing Demand Sub-Index  decreased by 4.4% in the December Quarter to 110.8 points which is 9.7% higher than the long run average.
The UDIA Housing Demand Sub-index’s performance remains underpinned by the maintenance of historically high rates of population growth, with the slight weakening in the Sub-Index related to a modest easing of national rental vacancy rates across the September quarter.
The UDIA Housing Supply Sub-Index  softened in the December quarter by 1.7% to 94.45 which brings it to 7% below the long run average and 16% below peak performance.
Weighing negatively on the UDIA Housing Supply Sub-Index  is the on-going softness of dwelling approvals and dwelling commencements and the ongoing paucity of rental listings.
The UDIA Housing Costs Sub-Index remained around the series high level with a recording of 155.14 points in the December Quarter, despite a -0.9% moderation from the September Quarter.