Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Housing scorecard good news for WA and NSW investors

15 July 2014 Staff Reporter

Western Australia has the strongest housing market in the country, while NSW has surged into second place, according to a new report.

The Housing Industry Association ranked all eight states and territories on residential building by comparing their current performance against long-term averages.

Western Australia remained in first place with 82 points, despite falling eight points from its score in the previous survey in November 2013.

NSW jumped from fifth to second place after increasing its score from 60 to 77, while the ACT dropped a place after its score fell from 84 to 69.

Victoria and the Northern Territory tied for fourth place with 68 points. Victoria’s position was unchanged despite losing four points, while the Northern Territory declined one place after dropping eight points.

The final three states held their positions from the previous survey. South Australia improved from 50 to 54, Queensland jumped from 41 to 50 and Tasmania grew from 31 to 36.

Housing Industry Association chief economist Harley Dale said the strong growth in NSW confirmed an observation from the previous report that momentum was building in the state.

“Much of the recovery in NSW can be attributed to the surge in activity in the multi-unit sector, but the detached home market in NSW ranks among the strongest in the country,” he said.

“The renovations market remains a soft spot for NSW, but there are signs that conditions in this part of the market are improving.”

Mr Dale said he was concerned to see Tasmania remain in last place.

“There have been some signs of improving conditions in the Tasmanian economy, but we are yet to see this flow through into the residential building sector,” he said.

Housing scorecard good news for WA and NSW investors
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Network or independent?

Independent
Network, the bigger the better
Network, but midsized
Niche group, small and agile
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.