News & Blog
Mar 31, 2015 at 10:22 am | 0 Comments
As per the state emerging on top of National New Homes sales figures are out today, it has been proved that with the ongoing hold on Low Interest rates made by RBA, Queensland has to spark up its growth by starting its residential housing engines.
In comparison with other states’ home sales growth that have started to peter off, Queensland emerged out in front with a upswing of 9 per cent in detached house sales for the three months to February, that is going to be a boom for home builders Brisbane, Cranbourne, Pakenham, etc. i.e. States under Queensland.
According to the data contained in the latest New Home Sales Report, out this morning, the condition of Housing growth and declination of national results are as follows –
- Victoria is on second place with 3.8 per cent growth, but
- New South Wales dragging results down with -6.9 per cent
- South Australia with -2.8 per cent
- Western Australia with -1.3 per cent
Dr Harley Dale, Chief Economist HIA, said that despite of being in the midst of slouching commodity prices and mining investments, there were still positive signs of growth of Residential Constructions providing importance to the state.
He further added, “Even at a pace slightly slower than that in other Eastern seaboard states, Reduced lending rates and dwelling price growth exemplify a combination that will spur the residential construction activity to linger to make up for the sustained period of weakness that occurred in the wake of the GFC.”
Adjusted seasonal new home sales rose to 1.1 per cent nationally in the month of February after getting a gain of 1.8 per cent in January, with volumes of sales sitting above April Peak in last year.
There is a long jump in February results of sale i.e. 11.1 per cent in ‘multi-unit’ sales while the sales in detached house sector fall down with 1.3 per cent nationally.
Dr Dale explained, “This development takes the overall sales to a new cyclical hike. New Home sales of this year’s February month moved up by 0.2 per cent as compared to the April peak of last year.”
The RBA (Reserve Bank of Australia) board will meet up in the next week to take a decision about “whether to drop the national cash rate target or to hold it again at 2.25 per cent for April Month also, to stimulate the economy and control the dollar.”