HIA New Home Sales Report and Queensland leads with 16 percent

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The HIA survey of Australia’s largest builders shows a second rise for sales in New Homes occurred in November 2014 with Queensland leading the way at 16% growth.

In November 2014 brand new detached house sales increased by;

+16% in Queensland

+4% in Victoria

+3% in South Australia.

In November 2014 brand new detached house sales fell by;

–5.6% in New South Wales

–10.6% in Western Australia

The Chief Economist with HIA, Mr Harley Dale said;

“The key leading indicator measures of building approvals and new home sales suggest this re-concentration of growth in the ‘multi-unit’ segment will persist into 2015."

“Upward momentum was evident in both detached house and ‘multi-unit’ construction in 2013/14. However, more recently momentum has been concentrated in multi-units in a situation akin to stage one of the current up-cycle back in 2012/13”

“Renewed upward momentum in the multi-unit segment drove growth in overall new home sales in late 2014, a trend unlikely to be reversed when the December result comes through,”

“Total seasonally adjusted new home sales increased by 2.2% in November last year following a lift of 3% the previous month”

“Sales of multi-units surged in both October and November to reach their highest level since September 2003.  

“A focus on housing policy reform would greatly assist in rebalancing the table, providing a further burst of growth in detached house construction which would at the same time provide productivity gains for the broader Australian economy.  That should be a policy no-brainer,” Mr Harley said.

So after that report the coming year looks very promising indeed…

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