Market/Finance News: February sees detached house sales grow nationwide

By the resi financial blog team, 01 April 2014

Detached house sales grow in February 2014

Last year's strong real estate market results have continued well into 2014, with the latest release from the Housing Industry Association (HIA) illustrating the growth of new home sales across the nation. With more people taking out home loans across Australia and beginning to secure property, the strength of the industry has continued to grow. 

According to HIA Chief Economist Dr Harley Dale, detached home sales grew by 6.9 per cent during February 2014, resulting in a total seasonally adjusted rise in new home sales of 4.6 per cent. With the growing population across the nation beginning to need accommodation, this could present a great opportunity for investors to organise their home loan finances and begin expanding their portfolios. 

"Both sales and building approvals for detached housing are signalling faster momentum ahead for this component of new dwelling construction, compared to what was evident in the first phase of the recovery," said Dr Dale in a March 31 statement. 

"This signal suggests more balanced growth ahead in the composition of new home building and adds a further positive dimension to the recovery for many of Australia's manufacturers and suppliers." 

Furthermore, Dr Dale said it was great to see this recovery occurring across the nation on a larger scale. Prior to this, the only states showing significant degrees of growth were New South Wales and Western Australia. 

However, now there is a widespread increase in the number of detached home sales in Australia. For example, during February alone, private detached home sales grew by 17.5 per cent in Queensland, followed by 9.3 per cent in Western Australia, 8.8 per cent in Victoria and 1.9 per cent in New South Wales. 

With population growth expected to continue well into the next decade, there are a wide range of opportunities for real estate investors to consider making in the near future.

Categories: Home Loans, Property Investment