Sharp fall in new house sales in Qld as market continues to cool: HIA

first_imgSales of new houses in Queensland dropped sharply in July, according to HIA. Picture: Brendan Radke.It comes despite ABS data showing new house approvals in the state have actually risen in recent months, but the HIA believes the slowdown in sales suggests approvals will also cool over coming months. Richlister tries again to sell mansion ‘One of the best renovations I’ve seen’ More from newsMould, age, not enough to stop 17 bidders fighting for this home1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor1 hour ago How to buy at auction like a boss Nationally, new home sales fell 3.7 per cent in July to their lowest level since 2013, driven by a 15.7 per cent slide in multi-unit sales. A drop in new apartment sales contributed to new home sales slump. Picture: Mark Calleja.HIA principal economist Tim Reardon said a drop in new apartment sales had contributed to the continuing decline in new home sales nationally since they peaked in mid 2015.“The large drop in multi-unit sales this month is in contrast to strong sales volumes late in 2016 and early 2017,” he said.Sales of new detached houses in July fell by 0.4 per cent nationally to their lowest level since October 2014.Queensland saw the biggest fall in detached house sales during the month after South Australia.Victoria was the only state where new detached house sales grew.CommSec chief economist Craig James said the drop in new home sales was consistent with a slip, rather than a slump, in housing construction activity. “We continue to expect a ‘soft landing’ in new construction, sales and home prices.”Mr James said the Reserve Bank would be closely watching housing indicators in the coming months in the hope a soft landing was achieved. New home sales dropped nearly 4 per cent nationally in July, according to the HIA.SALES of new houses in Queensland fell off a cliff in July, contributing to an overall decline in new home sales nationally during the month. The Housing Industry Association’s (HIA) latest survey reveals the number of private detached house sales in the state plummeted 16.1 per cent in July and was more than 30 per cent lower than a year earlier.The HIA says the drop-off in new home sales in Queensland started nine months ago and is consistent with an overall housing slowdown across the country. last_img read more

Cutting commute times a buyers priority

first_imgPhillip Napier, with Lachlan, 14, and Danielle,11, at Spire.Buyers and renters are seeking out new homes with the goal of cutting their commute, with some ditching cars altogether.Former north Queensland mango farmer, Phillip Napier, who now works for global resourcing company, BHP, has reduced his daily commute to just three minutes – walking.The 35-year-old, who juggles a busy corporate career with raising his two children, moved to Spire Residences by Consolidated Properties in the Brisbane CBD, and said they no longer needed a car. Mona Doncevska has bought a unit at Mode Apartments in Newstead“Mode has the benefit of being only a 15-20 minute walk, or a short drive, to my work, and is also a stone’s throw to the river for walks or runs on days I don’t feel like hitting the gym,” she said.Shane Foley of Realm Projects said well-priced apartments in desirable areas such as Newstead, Teneriffe, New Farm and Fortitude Valley were popular with young and first-time buyers.More than 10,000 people called the ABS division of Brisbane City home during the 2016 census. REIQ CEO Antonia Mercorella said a recent rise in vacancy rates in the CBD was likely to be due to an oversupply of new apartments.But she said that oversupply was likely to be only temporary due to the consistent demand for inner city accommodation, with the number of new apartment approvals tapering off. “Although there were a record number of apartment settlements in 2017, vacancy rates have not jumped through the roof as predicted by some, and we expect rental demand will remain solid as the number of new apartment approvals continues to decline,” Urbis director Paul Riga said.“Most of this stock has now been completed and occupied, and we saw just 3141 new approvals in 2017 – which is only slightly higher than the approximately 2000 approvals in 2011 and 2012, at the bottom of the market.” Phillip Napier and his two children moved to Spire Residences, cutting their commute times.“I am only three minutes walk to the office, which is ideal as I sometimes do big hours but need to go home as required for my 14-year-old son and 11-year-old daughter,” Mr Napier said. “There is a bus stop for their school at the front door, Central Station is only 10 minutes walk to take my daughter to dancing lessons at Milton or for me to get to the airport when I have to fly out on occasion for work, and my son’s sport is one block away on Adelaide St.“We are close to Queen Street Mall and South Bank and just five minutes walk to Turbot Street where we have our doctor, dentist, chemist, grocery store and a bottle shop for that midweek wine on the roof.”Consolidated Properties head of realty Kerry Armstrong said they had a waiting list of prospective tenants ready to move in.“They don’t want to get in the car or on the train to go to work. They want a home that puts the emphasis on lifestyle,” she said.More from newsParks and wildlife the new lust-haves post coronavirus20 hours agoNoosa’s best beachfront penthouse is about to hit the market20 hours agoNew research by found that 23 per cent of Queensland residents did not commute to work, with about 18 per cent of residents travelling less than 15 minutes. About 24 per cent of Queensland residents viewed accessibility to public transport as an important factor when buying their first home, according to the research.It was also found that one third of residents considered their proximity to work before buying a home. Mona Doncevska, who has returned to Brisbane after living in London and Sydney, recently purchased her first property – a one-bedroom, one-bathroom apartment at Mode in Newstead.The 30-year-old, who works in digital marketing, said location was a key factor.last_img read more