Ensure you never miss an issue of the
real estate business bulletin
Property outlook good: HIA

Property outlook good: HIA

by Reporter 0 comments

Staff Reporter

New home sales grew modestly last month, suggesting the property market is on track for a full recovery.

According to the latest Housing Industry Association – JELD-WEN New Home Sales Report, the number of new homes sold increased by 2.5 per cent in January 2011.

Detached house sales increased by 2.2 per cent while the sale of multi-units rose by 5 per cent.

HIA chief economist Dr Harley Dale said the modest increase in new home sales in January was encouraging.

The new home building sector was buffeted in 2010 by rising interest rates and a lack of policy reform to wind back the impact of the dead hand of regulation on new housing costs,” Harley Dale said.

“New dwelling starts are expected to be lower in 2011. However, the prospect of official interest rates holding for some time, signalled by the Reserve Bank, could help to mitigate the decline in new dwelling starts and slow further widening in Australia’s new housing shortage.

“Following a protracted period of depressed building activity in New South Wales, there are early indications that the industry could be lifting itself off the canvas.”

Staff Reporter

New home sales grew modestly last month, suggesting the property market is on track for a full recovery.

According to the latest Housing Industry Association – JELD-WEN New Home Sales Report, the number of new homes sold increased by 2.5 per cent in January 2011.

Detached house sales increased by 2.2 per cent while the sale of multi-units rose by 5 per cent.

HIA chief economist Dr Harley Dale said the modest increase in new home sales in January was encouraging.

The new home building sector was buffeted in 2010 by rising interest rates and a lack of policy reform to wind back the impact of the dead hand of regulation on new housing costs,” Harley Dale said.

“New dwelling starts are expected to be lower in 2011. However, the prospect of official interest rates holding for some time, signalled by the Reserve Bank, could help to mitigate the decline in new dwelling starts and slow further widening in Australia’s new housing shortage.

“Following a protracted period of depressed building activity in New South Wales, there are early indications that the industry could be lifting itself off the canvas.”

Property outlook good: HIA
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?