Australia is on track to build a record number of homes in 2014, according to the nations builders.
The Housing Industry Association (HIA) expects this year to close with 188,000 homes either built or started construction. The previous record was in 1994 with 187,083 houses.
HIA’s New Home Sales Report, a survey of Australia’s largest volume builders, shows a modest 3% rise in October.
Association Chief Economist Harley Dale says sales are still off their cyclical peak reached back in April this year, but the overall volume of new home sales is still high.
“Australia is on track to commence a record number of homes this year,” he says.
Lags in the availability of official statistics will prevent confirmation of this until well into next year.
Dale says there are positive signals coming from three key leading indicators.
HIA new home sales and Australian Bureau of Statistics building approvals are past their peaks but remain at elevated levels.
And he says lending for new housing is still trending higher and doesn’t appear to have peaked.
In October detached house sales increased by 4.7% in Victoria and by 24.8% in WA.
Detached house sales fell by 3.0% in New South Wales and were down by 7.8% in Queensland and 1.7% in South Australia.
Over the three months to October 2014 detached house sales increased in NSW (+3.7%), Queensland (+1.2%) and WA (+1.7%), but fell in Victoria (-13.4%) and SA (-6.3%).
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