29/05/2014 - 11:35

New WA home sales track higher

29/05/2014 - 11:35

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New detached home sales in Western Australia have reached their highest point in three years, according to the Housing Industry Association.

New detached home sales in Western Australia have reached their highest point in three years, according to the Housing Industry Association.

The HIA's latest data reveals private detached house sales in WA increased by 6.4 per cent on a seasonally adjusted basis in April. 

This translates to an 11.4 per cent increase in sales in the three months to April against the previous quarter, and a 9 per cent increase against the same period last year.

Data from the Australian Bureau of Statistics meanwhile reveals detached house approvals in WA are tracking at similar highs.

"Upward momentum is clearly evident for both detached house sales and their building approvals counterpart," the HIA said.

"This is a positive sign for residential construction activity in the early part of fiscal year 2014-15."

HIA economist Harley Dale said strong new home sales figures across the nation would send a positive signal for broader economic activity.

New detached home sales across the nation were up by 2.9 per cent in April, with WA, New South Wales and Victoria all posting gains.

Multi-unit sales, which the HIA does not track at a state level, increased by 9.3 per cent across the nation but the HIA said there was a clear downward trend under way in that segment after record sales in the second half of 2013.

Separate data released yesterday by the HIA revealed Perth houses have become 5 per cent more affordable over the past 12 months, while houses in regional WA have become 2.6 per cent more affordable.

The HIA's affordability index measures average housing prices against interest rates, monthly mortgage repayments and average weekly earnings.

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