The sale of detached homes drove the property market during February, which could be great news for those interested in securing real estate in Surfers Paradise in the coming months.
According to Dr Harley Dale, chief economist for the Housing Industry Association (HIA), detached home sales grew by 6.9 per cent over February – which resulted in a 4.6 per cent growth in the total number of new home sales (seasonally adjusted).
Over the three months to February, detached home sales increased by 19.8 per cent in Queensland, the second strongest state behind New South Wales.
"Both sales and building approvals for detached housing are signalling faster momentum ahead for this component of new dwelling construction, compared to what was evident in the first phase of the recovery," said Dr Dale in a March 31 statement.
Overall, during February there was an increase in the number of Queensland private detached home sales, rising by 17.5 per cent. This highlights the increasing strength of the Sunshine State's real estate industry and could provide a decent opportunity for the purchase or sale of Surfers paradise property in the near future.