There's likely to be stiff competition for detached real estate in Bentleigh at the moment, as it emerges that sales of this property type have increased over the past few months. Releasing its latest New Home Sales Report, the Housing Industry Association (HIA) explained that buyers are favouring new-build properties – and it's detached dwellings that are leading the charge.
On a national basis, seasonally-adjusted new home sales were up 0.5 per cent in June. Detached house sales were up 1.7 per cent, which helped offset some of the 2.9 per cent fall among multi-units.
Victoria was one of just three states to have registered an increase in detached house sales in June. Transactions were up 1.5 per cent on a month on month basis, and rose 0.6 per cent compared to the first quarter of the year.
"New South Wales and Victoria continue to display upward momentum in detached house sales, but the other three mainland states are heading in the opposite direction," acknowledged HIA chief economist Harley Dale.
In addition, the HIA recently commented on official building data from the Australian Bureau of Statistics (ABS), which pointed to success for the detached property market. A 1.2 per cent fall in approvals was registered in June, which was largely due to a fall in non-detached housing projects being given the go ahead.
While multi-unit approvals may have reached their peak, there are still high hopes for detached properties. Based on the ABS data, the HIA noted that construction activity in the detached sector is likely to remain high for the 2015-16 financial year.
No matter whether you're interested in new or existing real estate in Bentleigh, be sure to get in touch. The team at Ray White Carnegie is here to assist with all your queries and find a property that's most suited to your needs.