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Queensland Leads Pack In New Home Sales

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Queensland had the strongest growth in new dwelling sales for the three months to February, according to the latest HIA statistics.

The HIA New Home Sales Report, a survey of Australia’s largest volume builders, revealed that Queensland sales increased by 9.0 per cent compared to the previous quarter, compared to 3.8 per cent growth in Victoria, and contractions in the other states.

NSW fell by -6.9 per cent, South Australia by -2.8 per cent and Western Australia by -1.3 per cent.

HIA Chief Economist, Dr Harley Dale (pictured) said that apartment sales had increased in the month of January nationwide from the previous month, while sales of detached homes fell.

“The headlines for the national new housing sector continue to dazzle in early 2015,” Dr Dale said.

“Total seasonally adjusted new home sales increased by 1.1 per cent in February following a gain of 1.8 per cent in January, and the volume of sales is now just above the previous peak of April 2014.”

“The February new home sales result reflected a jump of 11.1 per cent in ‘multi-unit’ sales, while detached house sales fell by 1.3 per cent,” he said.

Dr Dale said the apartment market looked to continue its strong growth.

“The signal from both HIA new home sales and ABS building approvals is for further upward momentum to multi-unit dwelling construction in 2015, but a consolidation in detached house building at volumes above the long term average,” Dr Dale said.

“New home building conditions vary greatly around the country once you dig below the national surface, as is the case with residential property prices.”

“Detached house sales are easing in New South Wales and Western Australia, previously key drivers of growth, and have fallen significantly in South Australia.

“The modest growth in new house sales in Queensland and Victoria is not enough to offset these declines.”

In February 2015 detached house sales increased by 1.5 per cent in Victoria and by 0.2 per cent in Queensland.

Detached house sales declined by 4.8 per cent in New South Wales, 2.0 per cent in South Australia and 2.9 per cent in Western Australia.

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Article originally posted at: https://https://theurbandeveloper.com/articles/queensland-leads-pack-new-home-sales