New home sales show another lift
2015-06-02The latest result for the Housing Industry Association (HIA) New Home Sales Report, a survey of Australia’s largest volume builders, reveals a fourth consecutive monthly rise.
“While the rise of 0.6 per cent in April was the slowest growth pace of the four months, this is still a strong result off the back of a healthy March quarter.”
The April result for total seasonally adjusted new home sales comprised two small gains – 0.4 per cent for detached house sales and 0.9 per cent for multi-unit sales.
“The profile for new home sales in 2015 is consistent with a new home building cycle, where further upward momentum resides largely in the ‘multi-unit’ sector and where the eastern seaboard states are driving the further growth,” Dale says.
“In terms of detached house sales, both NSW and Victoria posted monthly gains in April (as did Western Australia), although Queensland recorded a disappointing decline. Sales in South Australia continued to weaken and are at an 18-month low.
“The two states to post gains in detached house sales over the three months to April 2015 were NSW and Victoria,” Dale adds.
In April 2015, private detached house sales increased by 7.2 per cent in NSW, by 2.7 per cent in Victoria, and by 0.9 per cent in Western Australia. Private detached house sales dropped by 9.0 per cent in Queensland and were down by 1.9 per cent in South Australia.
In the April 2015 ‘quarter’, detached house sales increased in NSW (+0.5 per cent) and Victoria (+7.4 per cent), but declined in SA (-4.7 per cent), Queensland (-4.4 per cent) and WA (-1.6 per cent).
That profile is broadly consistent with HIA’s forecasts for detached house commencements, with the exception of Queensland, which is looking weaker than anyone was expecting.
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