NSW has widened its lead over Victoria as the state with the strongest performing housing market.
The recently released HIA Housing Scorecard has ranked NSW as number one with a state score of 96, extending its lead on Victoria, which came in second with a score of 79.
HIA senior economist Shane Garrett explained that NSW topped the scorecard due to its “remarkable performance on the detached house side”.
“In second place on the HIA Housing Scorecard, Victoria was particularly strong for home renovations activity but also did well on the detached housing side,” Mr Garrett added.
Queensland came in third, with a solid multi-unit result and a state score of 69.
South Australia and the ACT followed closely behind with overall scores of 66 and 62 respectively.
“Western Australia, the Northern Territory and Tasmania are all neck-and-neck with declining market momentum on the HIA Housing Scorecard,” Mr Garrett said.
The three states were awarded scores of 45, 44 and 43 respectively.
“Probably the starkest result from today’s HIA Housing Scorecard concerns the volume of first home buyer loans, which have fallen well below their long-term average in each state and territory. The obstacles to housing affordability for first home buyers merit a national-led response,” Mr Garrett concluded.
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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