New home sales grow for the fourth month running
It’s good news for owners of new homes, particularly of new units and apartments, as the latest results from the HIA New Home Sales Report reveal that April is the fourth consecutive month that has seen growth.
In April new home sales grew by 0.6 per cent across the country, which although is slower than the previous three months, still comes as good news for the housing market. From January to March 2015, new home sales grew by 4.8 per cent. If you are considering entering the property market, then you need to act quickly if you want to take advantage of this growth too.
According to the HIA report, multi-units are the main new housing type to drive this growth with sales increasing by 23.5 per cent over the April quarter. In fact, sales for this quarter are up by 57.7 per cent, compared to the same quarter last year.
Detached house sales have also increased by 0.5 per cent during the April quarter, but are -3.7 per cent when compared to the same period last year. The main states to contribute to April’s gain include New South Wales, Victoria and Western Australia; however Queensland’s detached home sales has declined and South Australia has continued to weaken and sits at an 18-month low.
For the April quarter, detached house sales grew in New South Wales by 0.5 per cent, with Victoria taking the lead with a 7.4 per cent growth; however South Australia has seen a decline of -4.7 per cent, followed by Queensland at -4.4 per cent and Western Australia fell by -1.6 per cent.
According to Harley Dale, HIA Chief Economist, “The profile for new home sales in 2015 is consistent with a new home building cycle where further upward momentum resides largely in the ‘multi-unit’ sector and where the eastern seaboard states are driving the further growth.”
Published on 1st of June 2015 by Marty Stanowich