The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
5
print
Print
ConstructionDinah Lewis BoucherTue 02 Apr 19

Subdued Growth for New Home Sales: HIA

8f03cf4f-9aaf-4162-8ac1-03cc2793b927

New home sales across Australia recorded a 1 per cent increase for the month of February, but the Housing Industry Association says the slight lift does little to reverse the falls of 2018.

New home sales for the three months to February are now 18.1 per cent lower compared to the same time last year reveal HIA’s New Home Sales Report.

Across the states Victoria recorded an increase of 2.5 per cent in new home sales compared to the previous month, South Australia was up 7.5 per cent and Western Australia recorded an increase of 5.1 per cent in comparison to the month prior.

Queensland was the hardest hit seeing a decrease of 5.5 per cent, while New South Wales saw a slight decrease of 1.7 per cent.

Related: Crane Spotting: Sydney Construction Falls While Melbourne Peaks

The HIA report is a monthly survey of the largest volume home builders in the nation's five largest states.

Despite the 1 per cent increase in new home sales for February, HIA chief economist Tim Reardon said the market has been trending downwards nationally since the end of 2017.

Taking in approvals for new homes, a trailing indicator of new home sales, the market is 8.1 per cent lower than in the same three month period a year prior.

With these lower levels of sales and approvals, Reardon said the building work in the pipeline is “rapidly” being completed.

On a more positive note, Reardon said new home sales and subsequently approvals are expected to stabilise in the first half of 2019.

“With the impacts of the credit squeeze moderating and the royal commission into misconduct in the banking, superannuation and financial services industry concluding.”

Related: Pace of Housing Downturn Slows in March

ResidentialAustraliaConstructionReal EstateConstructionSector
AUTHOR
Dinah Lewis Boucher
More articles by this author
ADVERTISEMENT
TOP STORIES
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
Waterloo Affordable Mirvac hero
Exclusive

Affordable Housing Rules Tighten as Proposal Deluge Continues

Clare Burnett
5 Min
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
6 Min
View All >
Life Sciences

NSW Healthcare Asset Portfolio Comes to Market

Lindsay Saunders
Exclusive

Dark Horse: Self Storage Sector’s Biggest Players

Shravanth Reddy
Sponsored

Bondor Metecno’s MetSeam Elevates Facade Design Style

Partner Content
Compose your facade design with MetSeam — aluminium fins that bring rhythm, style and performance without added complexi…
LATEST
Life Sciences

NSW Healthcare Asset Portfolio Comes to Market

Lindsay Saunders
4 Min
Exclusive

Dark Horse: Self Storage Sector’s Biggest Players

Shravanth Reddy
3 Min
Architecture

Bondor Metecno’s MetSeam Elevates Facade Design Style

Partner Content
5 Min
Planning

State Goes Public with Plans for 10,000 Victorian Homes

Lindsay Saunders
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/subdued-growth-for-new-home-sales-in-feb-hia