Sales of new homes up down under

The first month of 2014 was a positive one for new homes sales with an increase of 0.5 per cent recorded in January, said the Housing Industry Association, the voice of Australia’s residential building industry.

“Following their small decline in December, New Home Sales resumed their growth trajectory during January,” said HIA Senior Economist, Shane Garrett.

“The volume of new home sales rose by 0.5 per cent during the month. In January, sales of new detached houses rose by 0.3 per cent, with multi-unit sales increasing by 1.6 per cent."

“New home sales have been rising pretty steadily since the third quarter of 2012, encouraged by the falling interest rates and the return of confidence to the housing market,” he explained.

“The return of house price growth to most cities has done much to oil the market and allow transactions to start occurring in greater numbers."