According to a survey of Australia’s largest volume builders, the HIA New Home Sales Report, sales for the new housing sector have sky-rocketed.
““The headlines for the national new housing sector continue to dazzle in early 2015,” said HIA chief economist Harley Dale.
“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.”
Dale said 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.”
HIA new home sales and ABS building approvals suggest there will be further upward momentum to multi-unit dwelling construction in 2015, but a consolidation in detached house building at volumes above the long term average.
“New home building conditions vary greatly around the country once you dig below the national surface, as is the case with residential property prices,” said Dale.
“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.”