South Australian home buyers make reappearance
South Australia's residential property sector is showing signs of a recovery, with recent figures revealing new home sales are on the rise.
According the latest Housing Industry Association (HIA) New Home Sales report, the number of detached homes that sold in SA during January increased by 10.6 per cent - indicating confidence is returning to the market.
The report also showed that in the three months to January, home sales rose 13.2 per cent, however, this was still 2.6 per cent lower than during the same period in 2012.
Robert Harding, HIA regional executive director of SA and NT, commented: "It is good to see the rising trend of late 2012 return in 2013.
While the latest data is an encouraging sign for the property sector, Mr Harding said the housing market still has significant ground to make up before it enters positive territory.
"There is still a long way to go to see evidence that new home building will reach the genuinely healthy levels this year in South Australia," he added.
January 2013 house sales are 30.7 per cent lower than the average recorded over five years prior to the 2010 decline.