In a result that will come as no surprise, New South Wales has taken out the top spot in the Housing Industry Association's (HIA) latest HIA Housing Scorecard report.
The report ranks each of the eight states and territories based on the performance of their housing markets, and the latest results show that New South Wales has increased its lead over Victoria.
“The large states dominate the top rankings in the latest HIA Housing Scorecard
, with NSW extending its lead in first place thanks to a remarkable performance on the detached house side,” explained HIA Senior Economist, Shane Garrett
. “In second place on the HIA Housing Scorecard
, Victoria was particularly strong for home renovations activity but also did well on the detached housing side.”
Queensland took out the bronze medal on the Scorecard.
“In this edition of the HIA Housing Scorecard
, Queensland grabbed the bronze medal with a solid showing on the multi-unit side,” Garrett said.
South Australia and the ACT occupied mid-table positions, while Western Australia, the Northern Territory and Tasmania are all neck-and-neck with declining market momentum, according to the HIA Housing Scorecard
The report’s results have once again highlighted concerns for first home buyers, however, showing that the volume of first home buyer loans continues to decline.
“Probably the starkest result from today’s HIA Housing Scorecard
concerns the volume of first home buyer loans, which have fallen well below their long-term average in each state and territory. The obstacles to housing affordability for first home buyers merit a national-led response,” Garrett concluded.