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top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
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New home demand surges

By Staff Reporter
28 July 2009 | 1 minute read

There is increased demand for new homes in Australia, the Housing Industry Association (HIA) has said.

According to the association’s chief economist Harley Dale, low variable mortgage rates, the first home owner boost and attractive deals from builders have culminated to generate increased demand for new homes.

“There has also been an increase in the cost of land across Australia which shows the property market is healthy,” Mr Dale said.

The weighted cost of land increased 7.4 per cent from $160,000 in December to $172,490 in March.

Recent comments by the Reserve Bank of Australia further fuelled speculation that demand for new homes is on the rise.

In the minutes of the monthly meeting, the RBA observed that house prices have been rising, loan approvals are "strong" and there has been "solid growth" in housing credit.

New home demand surges
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to 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.