Residential building approvals fell in South Australia during December, according to the Housing Industry Association (HIA).
“During December, residential building approvals fell by 13.7 per cent across all segments of the residential building industry,” said Robert Harding, SA regional director for the HIA, in a February 3 media release.
This comes at a time when SA experienced “strong momentum” in house sales, according to a separate HIA release.
Mr Harding is quoted as saying that the December result for home sales was very strong, representing a third consecutive month for double digit increases in sales.
“…[I}t is encouraging that the December result wasn’t dampened by any negative confidence effects from Holden’s decision to exit from manufacturing in Australia by the end of 2017,” Mr Harding said.
The combination of fewer homes being built and demand increasing is good news for owners of property in Adelaide.
For instance, owners of real estate in Norwood who are considering whether to sale may be able to obtain a much higher sales price thanks to an increase in buyer activity and limited inventory.
It’s unclear how long the rise in sales and decrease in building will last, however, making it a good idea for property owners in the Norwood area to act sooner rather than later.