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Demand for detached property drives up new home sales Down Under

 

Demand for detached property is driving up sales of new homes in Australia, according to new figures.

Sales of detached houses jumped by 7.7 per Cent in November 2012, the Housing Industry Association revealed, an "encouraging lift" despite an a trend decline in the sector's sales throughout most of last year. This spike in demand led to an overall 4.7 per cent lift in new home transactions. Multi-unit sales, on the other hand, declined by 6.9 per cent after a spike in October.

"Against the back drop of late 2012 when we had lower borrowing rates combining with a number of states encouraging new home building through amendments to first home buyer assistance, it is promising to see new home sales moving in the right direction," said HIA Economist, Geordan Murray.

In November, the number of seasonally adjusted new detached house sales increased by 15.8 per cent in New South Wales, 15.6 per cent in Victoria and 6.7 per cent in South Australia. Detached House Sales were only just down by 0.1 per cent in Queensland and declined by 6.8 per cent in Western Australia.

"This result should provide some welcome respite," said Geordan Murray. "While the increase in the month of November is encouraging, new home sales remain at quite low levels. If we consider the three months to November, the volume of sales is 15.7 per cent lower than in the same period in 2011. This overall profile shows that we have a long way to go before we could consider sales volumes to be at satisfactory levels."

"The importance of a broad based rejuvenation of new home building to maintaining the health of the overall Australian economy has been widely acknowledged, but at this stage, new home sales sits among a host of indicators that are yet to provide conclusive evidence that we are on track to achieve this," Murray continued.

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This post first appeared on Property For Sale In Australia - Australian Real Estate Listings, please read the originial post: here

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Demand for detached property drives up new home sales Down Under

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