More Aussies snap up new homes
Consumer confidence appears to be returning to the residential property sector after recent data showed that more Australians are taking the plunge to buy a new house.
With a number of states, including New South Wales, Queensland and South Australia, offering generous first time buyer grants, conditions are favourable for those looking to build their dream home.
Figures from the Housing Industry Association's (HIA) New Home Sales report revealed the number of new dwellings sold across Australia in November rose by 4.7 per cent - the second consecutive monthly improvement.
And homeowners are showing a preference for detached properties, with this area recording a 7.7 per cent lift in sales during the same period.
HIA economist Geordan Murray attributed the results to improving economic conditions.
He explained: "Against the back drop of late 2012, when we had lower borrowing rates combining with a number of states encouraging new home building through amendments to first home buyer assistance, it is promising to see new home sales moving in the right direction.
"This result should provide some welcome respite," Mr Murray added.
Seasonally adjusted results showed that New South Wales, Victoria and South Australia recorded the biggest growth in new home sales, with increases of 15.8 per cent, 15.6 per cent and 6.7 per cent respectively.