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Apartments help lift new home sales

James Mitchell 2 minute read

After three consecutive months of decline, new home sales experienced a resurgence in December 2015, according to a new report by the Housing Industry Association (HIA).

The HIA-ACI New Home Sales Report revealed that total seasonally adjusted new home sales finished last year strongly, recording a 6 per cent increase in December.

HIA chief economist Harley Dale said the headline monthly rise in December 2015 was driven by both the detached house and “multi-unit” segments of the market.

“Private detached house sales increased by 2.2 per cent, while multi-unit sales jumped by 21.1 per cent,” Mr Dale said.

“Key leading indicators of new home building such as HIA-ACI New Home Sales [Report] and ABS building approvals and new housing finance are consistent with very healthy national construction volumes persisting throughout the first half of 2016,” he said.

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“These indicators are also signalling a continuation in 2016 of very large differences in new housing conditions across the states.

“The updates we receive for leading indicators in coming months will be closely watched to determine the magnitude of any risk that the second half of 2016 is materially weaker for new home building than the first half of the year.”

In the month of December 2015, detached house sales increased in three of the five mainland states: Queensland (+5.2 per cent), Western Australia (+5.0 per cent) and Victoria (+1.1 per cent). Sales declined in South Australia (-2.1 per cent) and New South Wales (-0.1 per cent).

During the December 2015 quarter, detached house sales increased in Queensland (+4.3 per cent) and NSW (+0.3 per cent). Sales declined in WA (-15.4 per cent), SA (-10.2 per cent) and Victoria (-4.0 per cent).

[Related: New housing stock remains strong]

 

Apartments help lift new home sales
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

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