Queensland’s housing market is growing, as it emerged to be on top of the national new homes sales ranking.
The latest Housing Industry Association (HIA) New Home Sales Report said Queensland had a 9% jump in detached house sales for the three months to February, while Victoria finished with a 3.8% hike, News.com.au reports.
However, HIA found other states like New South Wales, South Australia and Western Australia to be down by -6.9%, -2.8%, and -1.3%m respectively.
“Reduced lending rates and dwelling price growth (even if at a pace slightly slower than in the other eastern seaboard states) represent a combination that will encourage residential construction activity to continue to make up for the prolonged period of weakness that occurred in the wake of the GFC,” chief economist Harley Dale said.
“The state is only now just recovering and new home building still has quite a way to run.”