HIA Housing Industry Association : State ‘Bucks’ the Trend in New Home Sales - VIC (216KB)

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21 January 2015

Victoria 'Bucks' the Trend in New Home Sales

The HIA New Home Sales Report, a survey of Australia's largest volume builders, showed a third consecutive national decline in November 2015.

Nationally, new homes sales fell by 2.7 per cent in November 2015, a result driven by a 15.1 per cent drop in 'multi-unit' sales. Detached house sales increased by 1.1 per cent due to a stronger November across the eastern seaboard. Over the three months to November last year detached house sales fell by 4.1 per cent while the sale of multi-units dropped by 11.8 per cent.

Gil King, HIA's Victorian Executive Director commented, "It is pleasing to see that in Victoria, we 'bucked' the trend and private detached house sales increased by 3.3 per cent in November 2015, following the sharp decline of 9.3 per cent in October."

"During the past 12 months, both approvals and sales activity have been tracking roughly sideways at a healthy level. Whether this can be maintained for another 12 months remains to be seen," added Mr King.

"It would appear unlikely for approvals and sales activity to gather further momentum in 2016 in the face of tightened credit conditions and decelerating housing price growth," he concluded.

For further information please contact:

Gil King, Executive Director VIC 0404 000 365

For copies of the publication (media only) please contact: Kirsten Lewis at [e-mail]