Powered by MOMENTUM MEDIA
subscribe to our newsletter

Detached houses help lift new home sales

It will be a healthy year ahead for new home sales, according to the Housing Industry Association (HIA).

The most recent HIA New Home Sales report shows new home sales experienced a second consecutive increase in January, bolstered by a rise in detached house sales.

New home sales closed out January strongly, up by 3.1 per cent, with detached house sales recording a 5.8 per cent increase.

Queensland witnessed the biggest growth in detached house sales (+7.9 per cent), followed by Western Australia (+7.3 per cent), Victoria (+5.5 per cent), New South Wales (+4.2 per cent) and South Australia (+1.3 per cent).

Despite the healthy year ahead for detached houses and multi-unit construction, HIA chief economist Harley Dale said this year would not surpass the heights of 2015.

Advertisement
Advertisement

“The overall trend evident across both leading indicators is very similar, signalling that once the current (record) pipeline is exhausted, new home construction activity will soften,” he said, referring to the Australian Bureau of Statistics’ building approvals data and the HIA New Home Sales report for January 2016.

“The new home building sector is crucial to Australia’s economic prospects in 2016 and should continue as a mainstay of domestic economic activity.

“That is provided policy considerations and debates under way now don’t have adverse consequences for confidence towards housing.”

[Related: Dwelling approvals decline in January]

Detached houses help lift new home sales

PROMOTED CONTENT


>The most recent HIA New Home Sales report shows new home sales experienced a second consecutive increase in January, bolstered by a rise in detached house sales.

New home sales closed out January strongly, up by 3.1 per cent, with detached house sales recording a 5.8 per cent increase.

Queensland witnessed the biggest growth in detached house sales (+7.9 per cent), followed by Western Australia (+7.3 per cent), Victoria (+5.5 per cent), New South Wales (+4.2 per cent) and South Australia (+1.3 per cent).

Despite the healthy year ahead for detached houses and multi-unit construction, HIA chief economist Harley Dale said this year would not surpass the heights of 2015.

“The overall trend evident across both leading indicators is very similar, signalling that once the current (record) pipeline is exhausted, new home construction activity will soften,” he said, referring to the Australian Bureau of Statistics’ building approvals data and the HIA New Home Sales report for January 2016.

“The new home building sector is crucial to Australia’s economic prospects in 2016 and should continue as a mainstay of domestic economic activity.

“That is provided policy considerations and debates under way now don’t have adverse consequences for confidence towards housing.”

[Related: Dwelling approvals decline in January]

Detached houses help lift new home sales
mortgagebusiness

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

Latest News

The REA Group has continued its expansion into the mortgage space by acquiring a 34 per cent interest in a mortgage application platform. ...

AMP has confirmed when chief executive Francesco De Ferrari will step down and when his replacement will take the reins. ...

Housing prices in capital cities have grown at the fastest rate in a decade, a new report has found. ...

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.