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Date Published : Monday, July 28, 2008
Property sales bounced back from their recent weak performance to post "strong growth" in June, a survey of the country's biggest building firms has found.
According to news.com.au, the poll of Australia's 100 largest housing developers by the Housing Industry Association (HIA) found that overall unit sales increased by four per cent over the month.
Detached properties were up 2.6 per cent while sales of multi-unit properties - buildings that contain at least two separate living spaces - rose by 15.5 per cent after some previously "volatile" performance, the site said.
At sub-national level, New South Wales saw the biggest growth in property sales, recording a 20.2 per cent increase in June, while Western Australia's market was up 16 per cent.
However, home sales were down by 3.7 per cent in Victoria and 9.8 per cent in Queensland, the figures show.
Overall, the housing market grew by 0.4 per cent in the first half of the year, the site said.
HIA chief economist Harley Dale said despite a slowdown in first-time home loans and development approvals, Australia is still experiencing "strong demand for housing" because of "record year-on-year immigration".
He added that output would have to increase in order to cope with the growing market.
"Clearly production of new housing needs to at least capture this demand," Mr Dale said.
According to the news site, analysts say the average value of an Australian home is $458,488, while an average 30-year home loan costs $341,000.
The Sydney Morning Herald reports that statistics from Residex show the average price of homes in the city is higher still - at $573,000.
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