Residential land sales up 18% in June
The volume of residential land sales across the country was up by 18 per cent in the June quarter of 2011, according to new figures from the Housing Industry Association (HIA).
Numbers released as part of the HIA-RP Data Residential Land Report indicate that land sales have "stopped falling", according to HIA chief economist Harley Dale.
The improvements, according to RP Data national research director Tim Lawless, are encouraging, particularly as land sales hit "rock bottom" in December 2010.
He said: "The fact that land sales showed a marked improvement over the June quarter, a time when the RBA was still hinting at interest rates hikes, suggests land markets around the country are likely to continue showing an improvement in transaction volumes over the remainder of 2011."
However, sales volumes are still 51 per cent lower than their peak in June 2004 and 25 per cent lower than at the same time last year. This contrasts with the March quarter, which saw sales slip by six per cent on the previous three months and 43 per cent when compared to figures from March 2010.
"There is a long road ahead to ensure a sustainable recovery in new home building to levels commensurate with the housing requirements of Australia's population," said Dale.