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Land sales remain 'below optimum levels'

Sales of land are improving in Australia, although they are still at historically low levels.

The Housing Industry Association (HIA) has revealed that sales of land in Australia are still at historically low levels, although they have shown signs of improvement in recent months.

 

 

According to the HIA-RP Data Residential Land Report, the number of purchases increased by 6.8 per cent in the March quarter, with all capital cities except Adelaide seeing an increase in the number of lots sold.

 

 

Despite this promising data "the new Australian home building sector continues to face highly challenging business conditions", said HIA senior economist Andrew Harvey.

 

 

"Meaningful reforms across all levels of government are needed to address the persistent weakness in residential building," he added.

 

 

This was underlined by RP Data research director Tim Lawless, who noted that two consecutive jumps in land sales have not yet placed the market in a wholly positive position.

 

 

Dr Andrew Wilson of Australian Property Management recently told Real Estate Business he feared the incoming carbon tax could lead to a slowdown in residential construction.

 

 

Posted by Craig Francis

 

 

- hia, housing, sales, land, building

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