New home sales growing

New home sales posted healthy growth at the end of 2013, to reach a two and a half year high.

In the latest Housing Industry Association New Home Sales report, a survey of Australia’s largest volume builders,  new home sales posted an increase of 7.5% n November last year; the fastest monthly growth rate since January 2010.

The figures could be a good news for residential construction activity in 2014.

“Both new home sales and private sector building approvals increased strongly over the three months to November last year, with detached housing growing by around 4%,” said HIA Chief Economist Harley Dale.

“For new home sales the first ‘milestone’ to look out for will be sales once again reaching the volumes experienced in the first half of 2011.”

The 7.5% increase in total seasonally adjusted new home sales was driven by a 30.5% jump in multi-units and a 3.6% lift in detached house sales.

In November, detached house sales increased by 19.1% in South Australia, 8.1%in New South Wales and 16% in Queensland. They fell in Victoria (-2.3%) and Western Australia (-5%). The largest increase over the three months to November 2013 was in South Australia (+26.8%), followed by Queensland (+8.7%).

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