Australia new homes sales rebound in March after seven month low

SYDNEY: Sales of new homes in Australia surged to a seven-month high in March, an industry survey showed on Thursday, a positive sign for consumer spending and house building.

Sales of detached homes climbed 7 percent, while sales in the volatile multi-unit sector rose 16.3 percent.

“This is another positive update for the residential construction sector,” said HIA economist, Diwa Hopkins.

“The current level and trajectory of new home sales and approvals provides a strong signal that new home building activity in 2016 will remain strong.”

Hopkins said the housing market was also likely to benefit from this week’s cut in interest rates by the Reserve Bank of Australia (RBA).

The central bank lowered its cash rate a quarter point to a record low of 1.75 percent in an attempt to arrest a troubling slowdown in inflation.

Get more of real estate

Subscribe to our mailing list and get interesting real estate stuff updates to your email inbox.

Latest Price Performance of Indian Real Estate Companies Stocks

To Top
Translate »

Get daily real estate updates
in your inbox

Subscribe to our mailing list and get daily real estate updates to your email inbox.