New home sales on the rise

Second Consecutive rise for HIA New Home Sales in September

The monthly HIA survey of Australia’s largest volume builders reveals that total seasonally-adjusted new home sales increased in September 2016, the second consecutive month of growth.

“During September, HIA’s New Home Sales grew by 2.7 per cent, a further increase on the 6.1 per cent rate of growth over the previous month,” remarked HIA Senior Economist, Shane Garrett.

“Within the month, growth was driven by detached house sales which rose by 3.8 per cent, while sales of units eased back by 0.8 per cent over the same period,” explained Shane Garrett.

Property prices continue to rise, with CoreLogic RP Data advising that current median dwelling prices in Australia are:

Based on the CoreLogic Index results over the first six months of the year, capital city dwelling values have moved 5.5% higher during 2016. Current median dwelling prices are as follows.

Houses Units
Sydney $1,122,310 $743,890
Melbourne $896,730 $543,890
Brisbane $561,370 $398,260
Adelaide $494,860 $350,600
Perth $575,840 $457,090
Hobart $362,130 $324,010
Darwin $503,160 $389,370
Canberra $698,740 $433,800

Source: CoreLogic

“As at September 2016, the combined capital city median house price was recorded at $600,000 and the median unit price was $510,000,” said CoreLogic’s Cameron Kusher.
Featured Image: SunflowerEY (iStock)

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