New home sales in Australia on a two and a half year high
Posted
in Updates
@ Jan 11th 2014 12:11pm
- By Garry Larden
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New Home sales grew by 7.5% in November quarter, according to figures released by the Australian Housing Industry Association (HIA)
More than 7000 new dwellings sold during the month, a level not seen since May 2011. It was the fastest monthly growth rate since January 2010, HIA said.
Both new home sales and private sector building approvals increased strongly over the three months to November last year so hopefully we’ll see an upward trent in the coming months leading us into 2014.
The Reserve Bank of Australia is counting on growth in residential construction in 2014 to help offset the effects on the economy of a decline in mining investment.
There have been other positive signs for the sector recently, with Australian Bureau of Statistics figures showing more than 22% rise in building approvals in the 12 months to November.
New home sales recorded the biggest monthly increase in four years, and the HIA figures showed a 30.5% rise in sales of multi-unit dwellings, such as apartments and units, while sales of detached houses rose 3.6%
Detached house sales rose 19.1% in South Australia, 8.1% in New South Wales and 16% per cent in Queensland, but that was offset by a 2.3% fall in sales in Victoria and a 5% fall in Western Australia.
