Latest data from the Housing Industry Association

The latest data from the  Housing Industry Association (HIA) shows that new homes sales are staging a tentative recovery, particularly in the detached house segment.

Total new home sales rose by 4.7% in November driven by 7.7% lift in detached house sales, whereas sales of multi-unit homes (apartments, units, flats, condo's ) fell by 6.9% following a spike in October.

There has been volatility in multi-unit sales that had provided some positive movement in new home sales which occurred after a decline in detached home sales  so it is encouraging to the see that in November the positive result was driven by the important detached house segment of the market.  

Data from the three months to November 2012 still fell by 5.3 per cent and remains at a level that is 15.7 per cent lower than in the same period in 2011. Detached house sales fell by 8.0 per cent over the three months to November 2012 (-24.1 per cent relative to a year ago) while multi-unit sales increased by 9.3 per cent (+64.4 per cent relativeto a year ago).  

This latest data discloses that total dwelling sales declined over the latest three months and in annual terms shows that a real estate recovery has a long way to go, but this can be seen as very good news for Foreign and Australian buyers of property-real estate.  Nationally assessing the five mainland states, November saw detached house sales increase in New South Wales (+15.8 per cent), Victoria (+15.6 per cent) and South Australia (+6.7 per cent).  Meanwhile, detached house sales declined in Queensland and Western Australia by 0.1 per cent and 6.8 per cent, respectively.