NSW jumps ahead, WA remains number one
New South Wales has jumped up the Housing Industry Association's (HIA) bi-annual Housing Scorecard, but it's Western Australia that remains at the top of the charts.
The HIA report observes 14 key indicators of residential building activity across the nation's states and territories, generating a league table ranking.
Those contemplating taking out cheap home loans in order to purchase property may well be intrigued by the results. Likewise, those toying with the idea of a construction home loan would be smart to observe which states and territories are performing well, and which are not.
NSW and WA outshine the results of Australia's states and territories, according to the HIA.
"WA has once again topped the rankings, remaining the strongest residential building market in the country, ahead of NSW. There is daylight between the two strongest states and the rest of the pack," explained HIA Chief Economist Harley Dale in a July 13 statement.
WA came through with a score of 82 points. Despite this figure being an 8-point drop on the previous Housing Scorecard, the state retained its number one position on the league table.
NSW jumped into second place, bounding ahead by three places, with a reading of 77 points. This is a 17-point jump from the scorecard six months prior.
The ACT, Victoria and the Northern Territory followed behind in third, fourth and fifth places, respectively.
"South Australia and Queensland are still just off the pace, but there were some improvements in both those states," Mr Dale noted.
The weakest residential building market is still Tasmania, putting the state in an "unenviable" position, Mr Dale said.
The state has been awarded the undesirable eighth-place spot for six quarters running, and while the state's economy has been improving, this is yet to translate into stronger residential building activity.
Image credit: Daniel Lee