New home sales build recovery

Gold Coast Bulletin January, 2014-01-11

Things are looking up and going up in the Building Industry.

New home sales build recovery.

Sales of new homes jumped to a two and a half year high adding fuel to hopes a recovery is underway in residential construction.

New home sales grew by 7.5% in November, according to figures released by the Housing Industry Association yesterday.

More than 7000 new dwellings sold during the month, a level not seen since May, 2011.It was the fastest monthly growth rate since January, 2010, HIA said.

Chief economist Harley Dale said new home sales had been gradually improving since 2012, which was a good sign for residential construction next year. “Both new home sales and private building sector building approvals increased strongly over the three months to November,” he said. “We need to see upward momentum in these leading indicators to continue in 2014.” The Reserve Bank of Australia is counting on growth in residential construction in 2014 to help offset the effects on the economy of a decline in mining investment. There have been other positive signs with the Australian Bureau of Statistics figures on Thursday showing a more than 22 percent jump in building approvals in the 12 months to November last year.

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