HIA: Detached housing sales illustrate strengthening real estate market nationwide
With the rapidly growing Australian population, it's understandable that the housing market would begin to experience an upturn in the coming months. Following the strong finish to 2013 seen in both the real estate and construction industries, growing housing activity was expected to continue well into 2014.
The latest release from the Housing Industry Association (HIA) has highlighted this trend, with HIA Chief Economist Dr Harley Dale illustrating a 6.9 per cent jump in sales month-over-month during February. This resulted in a 4.6 per cent growth for total seasonally adjusted new home sales over the period.
Anyone interested in purchasing residential property or selling a house in the coming months could be in for a strong real estate landscape, which could help both sides of the market achieve their goals easily. As the nation continues to see results like this, the housing and construction industries will keep growing into the future.
"Both sales and building approvals for detached housing are signalling faster momentum ahead for this component of new dwelling construction, compared to what was evident in the first phase of the recovery," Dr Dale said in a March 31 statement.
"New home sales and building approvals are also pointing to a greater geographical breadth to the second phase of the new home building recovery. The initial phase was heavily dominated by two jurisdictions - New South Wales and Western Australia."
In fact, during February alone, there was a 17.5 per cent increase in the number of detached home sales seen in Queensland. Furthermore, Western Australia (9.3 per cent), Victoria (8.8 per cent), and New South Wales (1.9 per cent) all saw detached house sale growth over the the second month of 2014.
Over the three months to February, these figures were even more impressive. Detached home sales for this period grew by 32.5 per cent in South Australia, followed by Queensland (19.8 per cent), New South Wales (6.2 per cent) and Western Australia (5.1 per cent).
"This signal suggests more balanced growth ahead in the composition of new home building and adds a further positive dimension to the recovery for many of Australia's manufacturers and suppliers," said Dr Dale.
Now could be the perfect time to consider property investment in residential real estate across the nation in order to secure a spot in the growing Australian housing market ahead of the continued population boom across the country.