The latest survey by the Housing Industry Australia (HIA) shows that new home sales rose for a second consecutive month in February. Total new home sales increased by 3.9 per cent in February 2009 and detached home sales increased by 4.7 per cent and were up by eight per cent over the three months to February.
According to HIA Chief Economist, Harley Dale, the project home building market is gaining stimulus from low variable mortgage rates and from the boost to the First Home Owners Grant, with the number of detached home sales of large volume builders trending higher for five months now. However, pre-contract sales of apartments and home units fell for the fifth consecutive month in February, down 3.4 per cent.
For the month of February, detached new home sales increased by 21.7 per cent in Queensland, 11.1 per cent in New South Wales and 4.2 per cent in Western Australia. Sales fell moderately in Victoria, down 5.6 per cent following a 24 per cent increase over the previous two months. Sales fell by 3.9 per cent in South Australia after a jump of 25 per cent in January. Detached home sales were up over the three month to February 2009 in New South Wales, Victoria and South Australia.
