Real-time thoughts & analysis of the markets, economy & more...
Co-founder & CEO of AllenWargent property advisory & buyer's agents.
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Pete Wargent blogspot
Co-founder & CEO of AllenWargent property advisory & buyer's agents, 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.
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Friday, 10 January 2014
"New home sales soar to 2.5 year high"
No surprise that low interest rates are now also flowing through to new home sales. Great to see and contradicts the predictions of new home sales having already peaked last month.
The trend is up...and quite sharply so now over the past 14 months.
Reports SMH: "Sales of new homes jumped to a two-and-a-half-year high, adding fuel to hopes a recovery is underway in the residential construction sector.
New Home sales grew by 7.5 per cent in November, according to figures released by the Housing Industry Association on Friday.
More than 7000 new dwellings sold during the month, a level not seen since May 2011. It was the fastest monthly growth rate since January 2010, HIA said."
The article continues:
"New home sales have recorded the biggest monthly increase in four years. And when you couple that with yesterday’s housing finance data - which confirmed a 6 per cent surge in private sector house approvals - it certainly suggests that home building is set to lift."
The HIA figures showed a 30.5 per cent jump in sales of multi-unit dwellings - such as apartments - while sales of detached houses rose 3.6 per cent.
Detached house sales rose 19.1 per cent in South Australia, 8.1 per cent in New South Wales and 16 per cent in Queensland during the month.
But that was offset by a 2.3 per cent fall in sales in Victoria and a 5 per cent in Western Australia."