A new report released by Housing Industry Association (HIA) indicates
that sales of multi-units reached a new cyclical peak in September this year. The
HIA New Home Sales Report is a survey of Australia’s largest volume builders.
According to HIA Chief Economist, Dr Harley Dale, the flat result
recorded in total new home sales in the month of September masked a strong 11.0
per cent rise in multi-unit sales. Where a moderate decline in detached house
sales has been driving an overall loss of momentum in new home sales, sales of
multi-units have conversely received a boost since June this year, driven by
both apartments and semi-detached/townhouse product.
Harley Dale explains that seasonally adjusted detached house sales fell
by 2.3 per cent during the month to be down by 6.5 per cent over the September
2014 quarter. The 11.0 per cent monthly rise in multi-unit sales followed a strong
increase in the previous month, taking sales up by 8.7 per cent over the
quarter.
He noted that the overall profile for new home sales was consistent with
a healthy year for dwelling construction in 2014/15. Having a similar outcome
in detached and low density construction in addition to the high rise sector
would be desirable.
State-wise September 2014 report
Detached house sales in September increased by 13.4 per cent in
Queensland, and fell by 9.9 per cent in New South Wales, 5.6 per cent in Western
Australia, 3.0 per cent in South Australia and 2.4 per cent in Victoria. In the
September 2014 quarter, detached house sales increased in only NSW by 2.6 per
cent and fell by 15.1 per cent in Victoria, 8.5 per cent in WA, 2.8 per cent in
SA and 1.5 per cent Queensland.
