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New home sales rise for second consecutive month

Australian new-home sales rose for a second consecutive month in February.
Australian new-home sales rose for a second consecutive month in February.
Total new-home sales increased by 3.9 per cent in February 2009, according to the latest survey by the Housing Industry Association.

The HIA said detached-home sales increased by 4.7 per cent in the month and the sector was up by 8 per cent over the three months to February.

"The project-home building market is gaining much needed stimulus from low variable mortgage rates and the boost to the first-home owners grant," said HIA chief economist, Harley Dale.

Detached-home sales of large-volume builders had registered an upswing for five months, which was taken as evidence that the tripling of the Government's first-home buyer grants in late 2008 was helping to boost demand.

In February, detached new-home sales increased by 21.7 per cent in Queensland and were up by 11.1 per cent in NSW and by 4.2 per cent in Western Australia, HIA said.
- homes, sales, property, grant

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