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New Home Sales Looking Up

PPG_Blog_May_image 8_ new home sales looking up

New home sales in Australia posted a fourth consecutive gain last month (April), according to the Housing Industry of Australia (HIA), the voice of Australia’s residential building industry.

Private sector new home sales enjoyed a monthly gain of 2.9% to be up by 6.0% over the three months to April this year. Multi-unit sales increased by 9.3% in April. Detached house sales chimed in with a 1.8% rise which marked the sixth consecutive increase for this section of the market.

This comes after data released last week showed strong growth in housing construction was helping to alleviate the pain from the wind down in mining investment and engineering construction.

"The recovery in new home building is a key plank in Australia’s economic growth," HIA chief economist Harley Dale said.

Momentum in new home building activity would carry over into the June quarter, Dr Dale said, while new home sales and building approvals would "provide crucial insight to the growth prospects for the broader economy in 2014/15".

In April seasonally adjusted detached house sales increased by 6.4% in Western Australia, 5.2% in New South Wales, and 0.5% in Victoria. Detached house sales fell by 2.1% in Queensland and 6.0% in South Australia.

(data sourced from the HIA)

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