One of the first decisions any buyer will have to make is what type of property they are going to buy. Some may choose to apply for a construction loan to build their own home, although the more common option is to purchase an established piece of real estate.
Then there’s the choice of whether you want an existing property, or one that has just been built. If it’s the second option you have your eye on, then you could find that competition is greater than ever.
Latest figures from the Housing Industry Association (HIA) show that in November 2014, the seasonally-adjusted number of new home sales rose 2.2 per cent. This followed on from the 3 per cent increase recorded in October.
“Sales of multi-units surged in both October and November to reach their highest level since September 2003,” revealed HIA Chief Economist Harley Dale.
“Detached house sales dipped by 1.5 per cent in November 2014 and are not displaying the upward punch of their multi-unit counterpart.”
Further HIA figures show that sales of detached homes increased 16 per cent in Queensland throughout the month when compared to the same period of 2013. Victoria’s sales were up 4 per cent, while South Australia experienced a rise of 0.3 per cent.
The success of new-build properties in Queensland was also emphasised by the HIA earlier this month, as it revealed strong growth in the detached housing sector. Commenting on data from the Australian Bureau of Statistics, the group revealed that the south-east of the state has witnessed particularly impressive growth.
The HIA anticipates that this situation will only improve in 2015, as demand for new detached homes remains especially strong across the state. Expansion has also been witnessed in the major renovation sector of the Queensland property market.