Increase In New Home Sales Nationwide

In a positive indicator for residential housing construction, new home sales posted strong growth of 7.5 per cent in November 2013, according to the Housing Industry Association (HIA).

In the latest HIA New Home Sales report – a survey of Australia’s largest volume builders – the 7.5 per cent increase in total seasonally adjusted new home sales was shown to be driven by a 30.5 per cent jump in multi-unit sales, together with a 3.6 per cent lift in detached house sales.

“Over the three months to November 2013, the volume of detached house sales increased in all five surveyed states, while the downward trend evident in multi-unit sales has now reversed due to strong monthly outcomes in both September and November of last year,” said HIA chief economist Harley Dale.

“The upward momentum evident in new home sales since the closing stages of 2012 continued late last year – that is a good sign for residential construction activity in 2014,” said Mr Dale.

“We need to see upward momentum in these leading indicators continue throughout 2014. For new home sales, the first ‘milestone’ to look out for will be sales once again reaching the volumes experienced in the first half of 2011.”

Data released by the Australian Bureau of Statistics (ABS) earlier this week showed that the national population increased by 407,027 persons over the 12 months to June 2013 to reach an estimated 23,130,931 persons.  The increase in new residents equates to a growth rate of 1.79% over the year making it the greatest annual increase in raw number terms since September 2009 and the most rapid rate of population growth since December 2009.

Fastest Growing Suburbs in Melbourne

*Median house price movements based on the past 12 months. Source (APM)

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