NEW HOME SALES SURGE

QUEENSLAND new home sales surged in November, up 16 per cent on the previous month, says the Housing Institute of Australia (HIA).

New home sales across the nation grew by 7.5 per cent in the same period, the fastest monthly growth rate since 2010 – a two-and-a-half year high.

In the three months to November, private detached house sales grew by 8.7 per cent in Queensland.

HIA chief economist Harley Dale says the upward momentum evident in new home sales since the closing stages of 2012 continued late last year, a good sign for residential construction activity in 2014.

National detached housing grew by about 4 per cent in the three months to November and new home sales and private sector building approvals increased strongly in the same period.

“We need to see upward momentum in these leading indicators continue throughout 2014. For new home sales the first milestone to look out for will be sales once again reaching the volumes experienced in the first half of 2011,” says Dale.