NEWS
Australian new home sales rose for a second consecutive month in February, according to the latest survey by the Housing Industry Association.
Total new home sales increased by 3.9% in February 2009, HIA said in a statement. Detached home sales increased by 4.7% in the month and were up by 8% over the three months to February.
"The project home building market is gaining much-needed stimulus from low variable mortgage rates and from the boost to the first home owners grant," said HIA chief economist, Harley Dale.
Detached home sales of large volume builders has been trending higher for five months, which is evidence that the tripling of the government's first home buyer grants in late 2008 is helping to boost demand.
In February, detached new home sales increased by 21.7% in Queensland and were up by 11.1% in New South Wales and by 4.2% in Western Australia, HIA said.
Source: Dow Jones Newswires
Published: 29 March 2009
