New figures from the Housing Industry Association (HIA) have revealed some good news for Australian homes.
The New Home Sales report showed March experienced a 0.9 per cent increase in sales of new houses when compared to the levels for February.
While the organisation admitted that the rise is "very modest", it pointed out that they follow the "significant" fall of 5.2 per cent which was reported in the previous month.
Harley Dale, chief economist at the HIA, said issues such as rising interest rates, uncertainty over future increases, land supply and planning delays will need to be addressed before the sales of new Australian homes can see future recovery.
"This is a weighty confluence of factors for the new home building sector to overcome so that it can continue growing in a post-stimulus environment," he explained.
Recent research from the RP Data-Rismark Hedonic Home Value Index showed that average prices of Australian property increased by 1.4 per cent over the last month.
Posted by Steve Douglas
The New Home Sales report showed March experienced a 0.9 per cent increase in sales of new houses when compared to the levels for February.
While the organisation admitted that the rise is "very modest", it pointed out that they follow the "significant" fall of 5.2 per cent which was reported in the previous month.
Harley Dale, chief economist at the HIA, said issues such as rising interest rates, uncertainty over future increases, land supply and planning delays will need to be addressed before the sales of new Australian homes can see future recovery.
"This is a weighty confluence of factors for the new home building sector to overcome so that it can continue growing in a post-stimulus environment," he explained.
Recent research from the RP Data-Rismark Hedonic Home Value Index showed that average prices of Australian property increased by 1.4 per cent over the last month.
Posted by Steve Douglas
