The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
LESS THAN 30 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
4 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
4
print
Print
ResidentialRenee McKeownThu 19 Nov 20

WA New Home Sales Outpace East Coast

8e6a16ff-e5df-4a30-9e76-2cbb50c8f30f

Western Australian new home sales have more than doubled, moving the state leaps and bounds ahead of the eastern coast.

In the three months to October WA sales went up 132.2 per cent compared with last year, with sales elevated across the country according to the latest HIA report.

South Australian new home sales are up 38.1 per cent, Queensland 26.0 per cent, New South Wales 14.6 per cent and Victoria 2.2 per cent according to the latest HIA report.

Strong home buyer incentives vary across the states, with people looking for a new home in WA eligible for up to $55,000 from government grants—the highest in the country.

Nationally new home sales are 31.6 per cent higher, however new home sales fell marginally by 1.3 per cent in the month of October.

Private new home sales in Australia

^Source: HIA New Home Sales Report - Seasonally Adjusted

HIA chief economist Tim Reardon said the detached housing market continues to perform strongly and as it accelerates will pull the rest of the Australian economy forward into 2021.

“The strength of the market response is due to several factors in addition to HomeBuilder,” Reardon said.

“Lower interest rates and fiscal stimulus, such as JobKeeper, have also seen households more willing to spend on housing.”

Earlier in the month the Reserve Bank of Australia cut interest rates to a record low of 0.10 per cent.

“Housing loan commitments and price trends across the country suggested that conditions in the detached housing market remained stronger than in the apartment market; growth in rents for apartments remained weak in most cities,” the RBA board said.

“Members noted that prices had declined over recent months in Melbourne and, to a lesser extent, in Sydney.

“These declines had been smaller than those recorded in 2018.

“Elsewhere, housing prices had generally increased in recent months.”

The latest revision of market predictions, ANZ economists forecast house prices to grow 9 per cent in 2021.

This is a huge change from the start of the start of the pandemic where economists predicted house prices would drop 10 per cent.

ResidentialAustraliaPerthSector
AUTHOR
Renee McKeown
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
View All >
Deicorp Five Dock Mixed-Use Precinct
Residential

Deicorp’s $1.8bn Inner-West Sydney Precinct Greenlit

Vanessa Croll
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca AND Taryn Paris
Don O’Rorke has put his foot on “the last absolute riverfront site” and will reveal his plans before year’s end...
LATEST
Deicorp Five Dock Mixed-Use Precinct
Residential

Deicorp’s $1.8bn Inner-West Sydney Precinct Greenlit

Vanessa Croll
3 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca AND Taryn Paris
3 Min
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/wa-new-home-sales-outpace-other-states