This week we look at housing approval and sales figures. But let's start with a look at the fastest growing suburbs around the nation for the beginning of the year.
Australian Property Monitors says Derby in Western Australia has soared 54 per cent with median house prices sitting at $585,000.
Derby's two hours north of Broome near the mouth of the Fitzroy River and is a regional administrative and supply centre with about 5,000 permanent residents. It remains a supply point for an important part of the Kimberley's pastoral, mining, oil and tourist industries, no doubt strongly contributing to its recent boom.
It's followed by Herbert in the Northern Territory with a 50 per cent growth and median house price of $465,000; Tennant Creek, also in the NT with a 43 per cent growth and median house price of $245,000; Freemans Reach in NSW with a 41 per cent growth and $520,000 median house price and Brighton, in South Australia, with a 38 per cent increase and house prices sitting at a median price of $820,000.
Despite Western Australia being home to the fastest growing suburb in Australia though, the Bureau of Statistics says the number of home building approvals in the state saw a slump of 16.9 per cent in November, back to GFC-levels.
The state had the steepest decline in approvals in the nation, but Housing Industry Association chief economist Harley Dale told Fairfax "if you look beyond one month's information, the outcome is still weak for WA but it's actually doing better than Australia, not worse.”
Stepping away from WA now and taking a look at the swag of real estate data that was released this week:
Total home building approvals for the nation bounced 8.4 per cent in November reversing about half of their July to October decline. The result was better than expected, but approvals are still down 18.9 per cent on the year.
Private sector house approvals rose 4.8 per cent for November, reversing much of the 6.7 per cent fall in October. Westpac commentators say “both moves are large for this segment, which tends to be more stable and is therefore a better guide to trends.”
Private sector unit approvals jumped 17.1 per cent for the month but commentators say they remain extremely volatile.
Aside from building approvals, new home sales jumped in November after the Reserve Bank's interest rate cut from 4.75 per cent to 4.5 per cent, which was followed by another cut in December of a further 25 basis points.
The Housing Industry Association says sales of new homes rose 6.8 per cent in November after a downwardly revised increase of 2.8 per cent in October.
And although detached house sales surged 9.8 per cent, apartment sales slumped 17 per cent.
