Rising new home sales across Australia good for first home buyers

By the resi financial blog team, 08 May 2014

First home buyer conditions Australia

Private new home sales across Australia have continued to grow during 2014, which could illustrate a great opportunity for first home buyers across the nation to secure government incentives for new properties and gain assistance to purchase their own property. As states continue to improve economically, the property market will continue to grow. 

For example, in the March 2014 quarter, the total seasonally adjusted number of new home sales recorded rose by 5.8 per cent and is now resting at a level 23.4 per cent higher than 12 months earlier. Within this, detached home sales increased by 7 per cent while multi-unit sales eased slightly, dropping 0.2 per cent.  These are strong results to be seen across the nation, according to Housing Industry Association Economist Diwa Hopkins. 

"Strong results occurred in the areas where a new housing recovery is just gaining traction. In the key state of Queensland, detached house sales increased by 20.8 per cent in the March 2014 quarter. South Australia is also showing promising results, with sales up by 6.2 per cent," said Ms Hopkins in a May 2 statement. 

"The original drivers of the recovery, New South Wales and Western Australia, have maintained healthier levels of sales activity. This update shows there may be some potential for further growth in these states." 

Western Australia and New South Wales saw new home sales grow by 6.6 per cent and 0.8 per cent, respectively. First home buyers interested in buying a new home should begin investigating the incentive options for their region in the coming months, as the market continues to strengthen. 

This follows the degree of home lending occurring across the nation, which could assist first home buyers in securing a great home loan deal and achieving their property goals. 

Categories: Home Loans