Sales momentum continues
Growth areas of Melbourne, Geelong, Ballarat, Bendigo, and Macedon recorded 2,204 gross lot sales in February. An increase from January was expected, although the gain of 45% was considerable. This highlights the continued desirability of new homes in growth areas, given their relative affordability advantage compared to established dwellings and purchasers continuing to favour larger homes. However, lower supply is likely restricting lot sales from being even higher, with annual declines in new lot releases and total lot supply of 9.3% and 37.6% respectively.