HIA: Growing market strength for properties seen during June quarter
The latest New Home Sales report from the Housing Industry Association (HIA) has found new property sale figures increased over both the month of June and the second quarter of 2014. This could be encouraging for those interested in buying land and building their own home, as well as investors looking to construct new residential properties and sell them in the ripe real estate market across Australia.
Looking at the data, there was an increase of 1.2 per cent in property sales during the month of June, while the quarter saw an increase of 2 per cent - driven by multi-unit sales, which leapt forward 15.9 per cent during the month of June.
"Detached house sales increased by 2.6 per cent in the June 2014 quarter despite falling in the final month. That is a healthy note on which to finish the fiscal year," said HIA Chief Economist Harley Dale in a July 29 statement.
"Detached house sales increased in four out of five mainland states in the June quarter, another pleasing aspect to observe. The new home building sector will provide a healthy contribution to broader economic growth in 2014/15."
Dr Dale went on to say that the recovery was entering into the third year, with a rising emphasis on medium- and high- density property construction projects. This could be due to the expected population boom heading towards a number of main cities across the nation, with apartments and properties of that type becoming more popular for accommodation in the long term.
Specifically, June saw detached house sales increase in Western Australia (2.2 per cent), Queensland (1.8 per cent) and South Australia (1.3 per cent), while the quarter saw growth across Queensland (6.6 per cent), Victoria and Western Australia (4.1 per cent), and New South Wales (0.4 per cent). This level of growth is encouraging, especially for those looking into building their own slice of Australian capital city property in the near future.
With the market continuing to strengthen heading into the future, now could be the perfect time to consider making moves into your local property market. Regardless of whether you're looking into owner occupation or investment, there are plenty of options across the nation. Get in contact with a real estate expert to discuss the options available to you and get professional insight into your real estate goals.