Over the last quarter to September 2013, new home sales have reached their highest level in over two years according to research done by head economist Harley Dale from the Housing Industry Association’s (HIA).
This is very positive news and signals a recovery is taking place after reports from Australia’s largest volume builders showed new home sales increased by 6.4% in September 2013, the fastest growing month since April last year.
Detached house sales in particular showed clear upward momentum growing 3.7% in September 2013 quarter to be up 25.2% when compared with the same quarter last year.
Dale has said these outcomes provide confidence that the new home building recovery over 2012/2013 can continue, however the situation was not equal among the states.
Over the month, private detached house sales increased by 15.7% in VIC, 4.6% in SA and 2.1% in WA. In NSW monthly sales fell 2.9% and in QLD dropped 5.1%.
The first home owner’s grant of $10,000 that applies to new home sales along with the unique concessions when you purchase property off-the-plan such as house and land packages would be supporting this superior growth in Victoria.