Australian Property News

Strong 2012 finish for construction sector

Posted on Thursday, January 31 2013 at 4:36 PM

An increase in new home sales in December signals a healthier outlook for the year ahead, according to Housing Industry Association (HIA).

The body’s New Home Sales Report released today shows seasonally adjusted new dwelling sales grew by 6.2 per cent last month.

According to HIA economist Geordan Murray, the result indicates strength across a number of property types.

“The promising headline rise last December was driven by both detached houses and multi-unit sales,” Murray says.

The result for detached house sales was particularly good news as this was one of the underperforming sectors across last year, he says.

“The December improvement was broad-based as sales increased in all but one of the surveyed states.”

While the month’s results were promising, there were some sectors needing improvement.

“Detached house sales were weak throughout the year compared to 2011, but on the other hand multi-unit sales were the star performer of the year,” he says.

The group is hopeful of improved results in 2013 on the back of this lift.

“It’s hoped further signs of an impending new home building recovery emerge in the coming months.”