According to new research from the Housing Industry Association, the number of new home sales in Victoria surged 28 per cent in October, the most recent figures available. This compares to just a 2.7 per cent increase in new home sales in Western Australia, the next best performing state, and a 2.1 per cent increase in New South Wales.
Queensland was the worst performing state in regard to new home sales, recording an 8.7 per cent drop for the month.
Victoria also recorded the strongest increase in building approvals for October, up 3.1 per cent. Approvals were also up in South Australia and Queensland, but down in New South Wales.
HIA’s New Home Sales Survey is compiled from a sample of the largest 100 residential builders in Australia.