New home sales lift 1.2 per cent in June
New homes sales increased 1.2 per cent in June, according to the Housing Industry Association's (HIA) New Home Sales Report for 2014's second quarter.
For those considering taking out a home mortgage to buy property, the news could be promising, highlighting an active property market.
On top of the favourable monthly upswing, the report also shows a 2 per cent increase in new home sales quarter-on-quarter to June.
It's thought that this solid activity will be beneficial to the nation's economy.
"The new home building sector will provide a healthy contribution to broader economic growth in 2014/15," explained HIA Chief Economist Harley Dale in a July 29 release.
Dr Dale noted that detached house sales rose 2.6 per cent during the second quarter, even though figures dropped off in the final month of the June quarter.
"That is a healthy note on which to finish the fiscal year," Dr Dale noted.
Detached house sales experienced "modest growth" during the June quarter, while multi-unit sales experienced elevated growth.
"Detached house sales increased in four out of five mainland states in the June quarter, another pleasing aspect to observe," Dr Dale stated.
With favourable figures emerging, now may be the time to take out a fixed-term loan in order to upgrade into a new property.
Buyers will no doubt consider where the best places to buy are. Going by RP Data's latest monthly home value index, Melbourne could be a good pick.
The Victorian capital experienced solid growth in dwelling prices year-on-year to July 31 (10.96 per cent). In the three months to July 31, Melbourne's residential property prices lifted 1.80 per cent, RP Data explained.
In Sydney, growth in the three months to July 31 was 1.97 per cent, while annual growth reached 14.80 per cent.
Adelaide, Brisbane and Perth dwelling prices dropped over the last three months (-2.57 per cent, -0.39 per cent and -0.13 per cent, respectively), though all cities experienced annual price growth.
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