The latest figures for June show sales of new homes in Australia increased for the second month in a row, according to the Housing Industry Association. Their report showed an increase of 2.8% in June which is being attributed to a 15.7% increase in the sales of multi-units. In contrast the sales of detached homes grew by just 0.7% in June having declined by 2% in May.
The chief economist for the HIA, Harley Dale, has pointed out that although these figures are encouraging sales in the multi-unit sector are still 36% below their 10 year average.
During the last quarter the sales of detached homes fell by 1.1%, and were 24.5% lower than the same quarter last year. Sales volumes for detached homes are currently around 35% below the 10 year averages.
Lower interest rates may help the housing market to some extent, but this impact is likely to be minimal. Experts believe more investment and reform from the governments, and especially the federal government, is key in helping to boost the housing sector.
Seasonally adjusted figures for June show the number of new detached house sales rose by 2% in New South Wales, by 4.4% in South Australia and by 23.5% in Western Australia. However sales of detached houses fell by 11% in Queensland and by 9.6% in Victoria. Seasonally adjusted figures for the June quarter show sales of detached homes fell by 6.2% in New South Wales, by 21.1% in Queensland and by 8.3% in South Australia. However Victoria sales increased by 9.8% due to first-time buyers making the most of the state boost before it ended.
No comments:
Post a Comment