Construction of new property in Bexley and the rest of Australia is looking strong for 2014/15, according to the Housing Industry Association and RP Data. In their Residential Land Report, they noted an increase in residential land sales as 2013/14 ended.
HIA Chief Economist, Harley Dale claimed that while the three initial quarters performed at a reasonable level, it was a strong June quarter that contributed the most to the fiscal year raise of ten per cent. He went on to say that the June quarter had land sales increasing 8.4 per cent, but these numbers were still down 4.5 per cent when compared to the same period last year.
Despite this, the weighted median price of residential land went up 1.1 per cent to $205,330, marking just the third time that the median price has been over $200,000. Capital city prices jumped by 1.8 per cent – up 7.4 per cent compared to June 2013.
RP Data's Director of Research, Tim Lawless, remarked on the positive economic impact this data would have on the economy. He claimed that this increase in land sales would result in a rise in detached housing construction, which in turn benefits the Australian economy though "more jobs, more building materials, home furnishings, appliances and white good sales".
The data highlights how much the property market is contributing to the overall strength of the national economy.