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New home sales 'a good sign' for property

The rise in new Australian property transactions in January is great news, an expert has observed.

The rise in the number of new Australian properties being sold is good news for the country's housing market, one expert has claimed.

Matthew King, an economist with the Housing Industry Association (HIA), told Smart Company that the 2.5 per cent rise in new Australian property transactions recorded in January shows there is optimism in the market.

"Certainly the signs are good for the early part of 2011. We've had rates on hold for a while, and there are early signs that rates could well be on hold for quite a few months now," he stated.

Mr King added that would certainly be helpful to new home sales and the new homes market in general, with Western Australia in particular experiencing a "rejuvenation" of activity.

It comes after Andrew Harvey, a senior economist at the HIA, said that the Australian Reserve Bank Board's decision to maintain the official cash rate has provided a "confidence boost" to the Australian property market.

Posted by Craig Francis

- property, sales, new, first, King, HIA

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