New home sales figures on the rise

A second consecutive month of increased new homes sales has given a big confidence boost to Australia’s property sector with new home sales rebounding another 5.7% in September. The Housing Industry Association’s (HIA) New Homes Sales Report indicated that sales rose in all states of Australia excluding NSW which showed a 12.1% decline.

“This improvement in sales is a welcome reprieve from the steady decline that emerged in late 2018” said HIA Economist, Angela Lillicrap.

With South Australia up by a massive 18%, Western Australia up by 13.6% and Queensland up 1.7% these figures suggest that confidence is returning.

“Investors have started trickling back into the market and first home buyers have the greatest share of the market since 2012” said Ms Lillicrap.

Griffin Projects Group currently have 13 development in progress in these growth cities including 10 developments in Western Australia, 2 in Adelaide and 1 in Melbourne, you can view them all here.

This is a summary of the article New home sales bounce back again by Nila Sweeney | published in The Australian Financial Review | Property section | Page 41.