The HIA New Home Sales report, a monthly survey of the largest volume home builders in the five largest states, and a leading indicator of detached home construction, shows new home sales increased by a further 15.2 per in November.<\/p>\n
“This result is a decade high with sales in the three months to November being 41.1 per cent higher than the same time last year,” HIA economist Angela Lillicrap said.<\/p>\n
“Sales nationally increased in November across the five states surveyed with a notable increase in the two largest states.<\/p>\n
“Sales in Victoria rose 20.6 per cent as they emerged from stage four restrictions and a 15.9 per cent increase was recorded in New South Wales which has been lagging other jurisdictions.<\/p>\n
“This data precedes the extension of HomeBuilder, which was announced on November 29.<\/p>\n
“The extension of HomeBuilder should see strong sales of new homes reach into 2021.<\/p>\n
“HomeBuilder is not the only reason for the strength in new home sales, although it was the trigger for improved market confidence.<\/p>\n
“Low interest rates, house price growth and a change in consumer preferences away from apartment-style living have all seen demand for detached housing rise.<\/p>\n
“Many households have diverted their expenditure from travel and entertainment towards housing, including renovating their home.<\/p>\n
“The strength of new home sales is a positive sign that home building will support the broader economy as we enter 2021.”<\/p>\n
Across the country, new home sales in the three months to November 2020 were higher in all regions when compared with the same period in 2019: Western Australia (108.8 per cent), South Australia (57.6 per cent), Queensland (34.0 per cent), Victoria (22.2 per cent) and New South Wales (20.7 per cent).<\/p>\n","protected":false},"excerpt":{"rendered":"
The HIA New Home Sales report, a monthly survey of the largest volume home builders in the five largest states, and a leading indicator of detached home construction, shows new home sales increased by a further 15.2 per in November. “This result is a decade high with sales in the three months to November being […]<\/p>\n