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New home sales on the rise

New home sales on the rise

New homes purchases have shown signs of recovery, according to data from the Housing Industry of Australia (HIA).

New homes purchases have shown signs of recovery, according to data from the Housing Industry of Australia (HIA).

The latest figures show in the final three months of the year new house sales rose by 6.3 per cent and could be a sign of a recovery in the sector.

HIA economist Diwa Hopkins said: "Looking at detached house sales, the growth in this segment has broadened in its reach, with four out of the five surveyed states showing monthly and quarterly increases in December 2013."

She added the key will now be to focus on how to boost purchases of detached homes and offset any declines in multi-unit sales.

There was a 50.9 per cent rise in single property house sales in South Australia, with a 12.3 per cent increase in Queensland, 3.5 per cent in New South Wales and 2.3 per cent in Western Australia.

Last week, the HIA suggested inflationary pressures remain "modest" and therefore called on the interest rate to remain unchanged.

Posted by Ravin Chatlani

 

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