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New home sales rise for first time in 5 years

10 Feb 2014 Christies Beach 0 Comment

People throughout SA and other parts of the country were keen to buy new properties at the end of last year, bringing good news to those in real estate careers.

South Australia proved no exception, as figures from the Housing Industry Association (HIA) show private detached house sales increased 50.9 per cent throughout the state during the final quarter.

This was considerably higher than other areas, including Queensland (12.3 per cent), New South Wales (3.5 per cent) and Western Australia (2.3 per cent).

HIA economist Diwa Hopkins noted that new home sales hit a serious low in 2012, but a strong recovery last year led to the greatest rise since 2008.

The challenge now is to ensure this success continues into 2014, bringing support to the wider property market and economy as a whole.

The property market may not be on a complete winning streak just yet, as the HIA New Home Sales report showed a 0.4 per cent easing in seasonally adjusted home sales in December 2013.

This was primarily led by a 6.6 per cent fall in multi-unit sales, while detached housing transactions increased 0.9 per cent throughout the month.

However, during the month as a whole, new home sales experienced a rise of 14.4 per cent.

Strength in the South Australian property market was recently highlighted by the RP Data-Rismark Home Value Index for December last year, which showed a 1.4 per cent rise in prices.

The year was split into two halves, explained Cameron Kusher from RP Data, with property values increasing 3 per cent during the first six months and 6.6 per cent over the latter part of the year.

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