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New home sales increase in May

New home sales increase in May

The sale of new homes increased in Australia in May.

New homes have continued to see gains despite experiencing a bad year in 2012.

This is according to the Housing Industry Association, the voice of Australia’s residential building industry.

Its New Home Sales report showed that total new home sales, once seasonally adjusted, increased by 1.6 per cent in May 2013. This jump brings sales back up to their highest level for 18 months.

Detached houses saw a rate of growth of 0.9 per cent - as gains were only seen in three out of five states. Regionally, this broke down as gains of 4.3 per cent in New South Wales, 8.8 per cent in Victoria and South Australia saw growth 6.9 per cent.

Across the country multi-unit sales saw an average increase of 5.7 per cent.

“A range of housing indicators, including new home sales, suggest Australia experienced modest growth in new residential construction in 2012/2013, with some momentum in activity set to carry into the fresh financial year,” said HIA chief economist Harley Dale.

Posted by Craig Francis

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