Housing scorecard sees NSW take top spot
New South Wales has topped a ranking of the country’s housing markets, with South Australia making an impressive move up the ladder.
The Housing Industry Association (HIA) has released its Housing Scorecard report, which ranks states and territories based on the performance of their housing markets. The bi-annual report benchmarks states and territories against their own longer-term average across a range of metrics, including detached housing activity, multi-unit activity, first home buyer participation, renovation activity and the size of the construction workforce.
New South Wales topped the list, HIA senior economist Shane Garrett said.
“The large states dominate the top rankings in the latest HIA Housing Scorecard, with NSW extending its lead in first place thanks to a remarkable performance on the detached house side. In second place on the HIA Housing Scorecard, Victoria was particularly strong for home renovations activity but also did well on the detached housing side,” Garrett said. “Queensland grabbed the bronze medal with a solid showing on the multi-unit side.”
In spite of strong performance, Victoria fell one spot on the ranking list, with its state score down nine points. South Australia saw the most significant change, with its state score climbing 26 points to catapult the state four places up the rankings.
“Probably the starkest result from today’s HIA Housing Scorecard concerns the volume of First Home Buyer loans, which have fallen well below their long-term average in each state and territory. The obstacles to housing affordability for first home buyers merit a national-led response,” Garrett said.
- 10 big property market trends to watch for in 2019
- Mortgage rate hikes continue, with UBank and Virgin Money raising some rates by 20 basis points
- Ask Finder: Can I get a mortgage offset account in my business’s name?
- CoreLogic’s December figures confirm 2018 was a very rough year for the Australian property market
- APRA to remove interest-only home loan speed limits