According to the National Land Survey Program, sales are beginning to pick up in the areas surrounding property developments in Australia. This activity is being led by strong sales in the Sydney area.
Sales are currently at their highest level since the global financial crash with a 16% increase recorded nationally.
Low interest rates have been given as a reason behind the sudden growth, but there is also demand that has built up in the period of economic recovery that is now beginning to pass.
Monthly lot sales rose to 800 in Sydney this month, which is a staggering growth of 18%.
Australand, a listed property developer, also released their half-yearly figures showing that their current sales contracts rose from 1,316 to 1,793.
Harley Dale, HIA chief economist, said that from the statistics on property sales, it’s detached housing that is attracting buyers.
HIA figures also show that Victoria is leading the pack in residential buildings with a strong rise of 19.7%.