Sydney Residential Land Sales And Construction Increases During June Quarter
The Housing Industry Association (HIA) and RP Data have released a report highlighting the the upward trend for new dwelling construction across the nation, as the volume of land sales grows substantially.
According to the latest Residential Land report, residential land sales have increased by a huge 18.2 per cent to the June quarter – reaching a sales level of 17,170. Harley Dale, chief economist for the HIA, said that this is the largest quarterly volume achieved since March 2010.
“Land sales volumes highlight the prospect of further growth in detached house starts in 2013/14 following a modest lift of 3.7 per cent in 2012/13. That would be a very positive outcome for both the new home sector and the wider economy,” said Mr Dale in an October 21 statement.
Anyone considering purchasing land in the future for the purpose of constructing residential property – whether for owner occupation or investment purposes – could find this news comforting.
RP Data Research Director Tim Lawless went on to state that these changes were reflective of the overall recovery and improvement occurring across the housing market.
“The housing market has been back in growth since mid-2012 with both the rate of capital gains and transaction volumes gathering some momentum during 2013,” said Mr Lawless in an October 21 statement.
“It should come as no surprise that the Sydney housing market, which remains well undersupplied relative to the rate of population growth and is recording the highest rate of capital gain currently, is one of the primary drivers behind the lift in national vacant land sales.”
According to the release, the number of land sales in Sydney increased by 33 per cent over the year to the June quarter, reaching an 11 year high and illustrating the continuing growth of the real estate market in the region.