New data shows the number of houses being sold has leapt to its highest level since the global financial crisis.
The number of houses being sold has hit its highest level since the global financial crisis six years ago.
Analysis by RP Data shows house sales jumped more than 10 per cent to 348,670 in the 2013/14 financial year, with unit sales up 8.6 per cent to 135,330.
RP Data senior research analyst Cameron Kusher said house sales were at their highest level since the financial crisis in 2007/08, while unit sales were the strongest in four years.
The states with the strongest sales growth were Tasmania and Queensland, up by 21.3 per cent and 14.8 per cent respectively.
Those gains more than offset dips in the Northern Territory and Western Australia.
Given the significant number of apartment developments underway across the country, Mr Kusher said unit sales should rise again in the coming years.
However with interest rates expected to rise in 2015, there could be an overall dip in the number of residential properties sold this financial year.
“Sydney and Melbourne sales volumes appear to have already peaked, however they may rebound once more during spring,” he said.
“Overall we would expect a reasonably high number of sales this financial year, however final numbers may be slightly lower than in 2013/14.”
Mr Kusher said the combination of rising home prices and sales was a boon for state and local governments, which stand to collect more in stamp duty.
QUEENSLAND, TASMANIA DRIVE HOME SALES SURGE
* Tasmania – sales up 21.3pct
* Queensland – up 14.8pct
* NSW – up 12.9pct
* Victoria – up 7.5pct
* South Australia – up 9.3pct
* ACT – up 0.3pct
* Northern Territory – down 0.2pct
* Western Australia – down 1.3pct
Source: RP Data