“New South Wales has retained its lead over Victoria in the latest HIA Housing Scorecard report released today,” said HIA’s Principal Economist, Tim Reardon.
The HIA Housing Scorecard ranks each of the eight states and territories based on the performance of their housing markets across 14 key indicators. “The East Coast dominated the top rankings again in the latest HIA Housing Scorecard, with the West still affected by the cyclical down-turn,” Mr Reardon added.
“NSW and Victoria have experienced strong population growth, house price rises and growing demand for more affordable housing which has driven the boom in apartment construction in those states.
“NSW may have retained top spot but with the slowdown in apartment construction predicted there is every reason to expect that Victoria, which has had fewer apartments in the pipeline and stronger population growth, may take over the top spot in 2018.
“Queensland remained steady at number 3 on the Scorecard. A drop in some key indicators shows a slowing from record highs last year but a healthy outlook for renovation activity is holding up the good result.
“South Australia dropped down the table from 4th to 6th. With very low population growth, SA is lucky that WA and the NT are experiencing a significant down turn or they would have secured bottom spot.
“Unlike WA and the NT, which experienced massive investments into housing in recent years and are now on a cyclical down turn, activity in SA is declining off an already low base.”