New home sales at a five year high

New home sales jumped in 2013, their first annual increase since the GFC.

File photo of a new home being built in Melbourne

New home sales have increased for the first time since the global financial crisis in 2008. (AAP)

New home sales have increased for the first time since the global financial crisis hit in 2008.

Sales rose 14.4 per cent in 2013, the first year of growth in five years, according to the Housing Industry Association's new home sales report.

In the final quarter of 2013, sales were at levels not seen since mid 2011, when activity in the housing market was being boosted by government stimulus, HIA economist Diwa Hopkins said.

"The broader trend shows a healthy profile of recovery throughout 2013 and the underlying details are also fairly encouraging," Ms Hopkins said.

"The key now will be for these improved sales levels to expand further in the year ahead."

Detached house sales in South Australia were up almost 51 per cent in the final quarter of 2013.

Sales also rose in Queensland, NSW, and Western Australia, but declined in Victoria by 9.5 per cent in the December quarter.


Share

1 min read

Published

Updated

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world