This article is from the Australian Property Journal archive
NEW home sales across Australia increased for the second consecutive month in September, but new building activity looks to have peaked for this cycle, according to the HIA.
HIA senior economist, Shane Garrett, said the mix of available indictors suggests that new home building activity has now passed its peak and that the 2015/16 financial year would not be matched in terms new dwelling starts.
“This is particularly the case for multi-residential sales, which have eased by 6.2% during the September 2016 quarter compared with the same period a year earlier,” Garrett said.
HIA’s monthly survey of Australia’s largest volume builders found new home sales increased 3.8% in September, a further increase on the 2.9% seen in August.
“Within the month, growth was driven by detached house sales which rose by 3.8%, while sales of units eased back by 0.8% over the same period,” Garrettsaid.
Detached house sales fell in four out of the five states covered by the report in September, a reversal of numbers returned in August.
South Australia fell hardest in September, by 23%, followed by Western Australia, by 17.2%, the New South Wales (12.9%) and Queensland (2.6). Victoria was the only state to record an increase, and has recorded growth of 14.0% in sales over the past year.
Australian Property Journal
