New Home Sales up by 4.3 Per cent in March
The latest New Home Sales Report by the Housing Industry Association reveals that the number of new homes sold in Australia went up for the third successive month in March. After a 0.6 per cent increase in February, the number of sold new homes went up by 4.3 per cent. Sales of detached houses improved by 5.8 per cent though sales of multi-unit properties went down by a surprising ten percent.
The property market is still a long way to go to be considered at a healthy level, the increase in detached houses sold can be attributed to a steady official cash rate and the floods that affected Queensland.
In the first quarter of 2011, new home sales went up by five per cent. However, the improvement was preceded by weak figures during the last quarter of 2010 while total sales are still nowhere near the long-term average. Sales volumes of unit properties three months to March went up by 5.9 per cent while total new home sales were up by nine per cent in the same quarter as compared to the same quarter last year.
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