Pete Wargent blogspot
Co-founder & CEO of AllenWargent property advisory, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.
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Wednesday, 29 May 2013
HIA: New home sales recovery continues...
Well, there you go. From the Housing Industry Association:
"The HIA New Home Sales Report for April 2013 shows the trend of recovery since late 2012 is continuing in 2013.
The HIA New Home Sales report, a survey of Australia’s largest volume builders, showed that total seasonally adjusted new home sales increased by 3.9 per cent in April 2013, taking monthly sales back to a level not seen in over a year. The headline result was driven by a 6.7 per cent lift in detached house sales, which was experienced across all states covered by the survey, bar Queensland. In contrast, multi-unit sales fell by 9.4 per cent.
“Overall, recent developments in new home sales are encouraging. In particular, the important detached house segment of the market continues to climb out recent record lows, and this improvement has largely been broad-based across the states,” said HIA Senior Economist, Shane Garrett.
“While multi-unit sales have softened over recent months, the gains made over the course of 2012 have not been eroded. A broader look at the situation shows that the volume of sales in the three months to April this year is still 51.7 higher than trough experienced a year earlier,” added Shane Garrett.
In the month of April 2013 detached house sales increased by 9.1 per cent in Victoria, 9.0 per cent in Western Australia, 8.1 per cent in New South Wales, and 2.7 per cent in South Australia. Detached house sales fell by 1.8 per cent in Queensland."
Signs then, that monetary policy is working as the impacts of the interest rate cuts flow through. The trend since September 2012 is now clearly an upwards one nationally with strong recent results for NSW, VIC and WA.
Note below in the second chart that new house sales are recovering, which is good to see - the story is not all about apartment sales here.
Source: Housing Industry Association (HIA)