Increasing new home sales good for first home buyers
If you're a first home buyer looking into the market for the perfect home, now could be a great time to get serious about it.
The latest release from the Housing Industry Association (HIA) has highlighted that the number of new homes sales across the nation increased during December.
The last 12 months were great for the country's real estate market, with a wide range of developments and property growth seen in many areas. However, in December, the number of new home sales rose for the first time in five years.
HIA Economist Diwa Hopkins said these sales dropped to a low point during 2012, before undergoing a strong recovery in December last year. Now it is crucial to maintain this upward trend into the new year.
"During the final quarter of 2013, aggregate new home sales climbed by 6.3 per cent to reach a level not seen since mid-2011. This was at a time when sales activity was being boosted by the government stimulus," said Ms Hopkins.
The HIA New Home Sales report illustrated that the number of detached home sales during December increased by 0.9 per cent, while multi-unit sales decreased by 6.6 per cent during the same period. But during 2013 as a whole, new home sales rose by 14.4 per cent.
"Total new home sales were largely unchanged in the month of December, however, the broader trend shows a healthy profile of recovery throughout 2013 and the underlying details are also fairly encouraging," said Ms Hopkins.
During the month of December, private detached home sales rose by 22.5 per cent in South Australia, 7.3 per cent in Western Australia, 5.8 per cent in New South Wales and 1.5 per cent in Queensland. However, they fell by 13.4 per cent in Victoria.
Likewise, the final quarter of 2013 saw detached house sales increase by 50.9 per cent in South Australia, 12.3 per cent in Queensland, 3.5 per cent in New South Wales and 2.3 per cent in Western Australia while falling 9.5 per cent in Victoria.
This could be encouraging news for anyone interested in purchasing a new residential property in the near future, especially with an growing number of developments being undertaken across the nation to help deal with the impending population boom.