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Australian Home Sales Rebound In February: HIA

Australia's new home sales increased in February, recovering from the previous month's decline, data released by Housing Industry Association (HIA) showed Friday.

The volume of new home sales increased a seasonally adjusted 3 percent on a monthly basis in February, recovering from January's decline.

Detached house sales rose 2.2 percent during the month. The number of new detached house sales increased12.8 percent month-on-month in Western Australia, 5.3 percent in New South Wales, 3.5 percent in Queensland, and 0.3 percent in South Australia. At the same time, sales of multi-units climbed 10.5 percent in February.

"In a contemporary economic environment where interest rate settings are too high, finance conditions persistently tight, consumer and business confidence too low, and plans to tighten fiscal policy inappropriate, it is hard to envisage a sustained recovery in new home sales in coming months,"HIA chief economist Harley Dale said.

by RTT Staff Writer

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