According to the Housing Industry Association (HIA), Australian housing markets remained busy a month before Christmas, with the latest sales data showing a sharp increase in sales.
In the three months ending in November, sales were up 41.1% over the same period last year. On a monthly basis, new home sales rose 15.2%, reaching a decade-high.
The top five Australian states tracked by the HIA reported substantial annual increases in new home sales compared to the same period last year.
Western Australia was the star with gains of 108.8%. South Australia followed, recording new home sales growth of 57.6%. Gains were also reported in Queensland (34%), Victoria (22.2%), New South Wales (20.7%).
These gains precede the HomeBuilder program expansion, which was announced in late November.
"HomeBuilder & # 39; s expansion is expected to see strong new home sales reach through 2021," said Angela Lillicrap, economist at the HIA.
However, Lillicrap said that while the HomeBuilder has been a critical factor in improving market confidence, it is not the only growth driver for new home sales.
"Low interest rates, growing house prices, and a shift in consumer preferences moving away from apartment living have all seen demand for single-family homes increase. Many households have shifted their spending from travel and recreation to housing, including renovating their homes, ”she said.
Top suburbs:
Springwood
,
North Lambton
,
coburg north
,
new farm
,
coorparoo
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