New home sales rebound

New home sales bounced back in March to maintain the modest recovery already underway, according to the latest monthly survey of Australia’s larger building firms.

The HIA New Home Sales report showed that total seasonally adjusted new home sales increased by 4.2 per cent in March 2013, taking sales back to volumes comparable to 12 months ago.

In the month of March new detached house sales increased by 3.9 per cent following a 4.0 per cent decline in February. Sales of multi-unit dwellings rose by 5.6 per cent in March, after dropping by 11.0 per cent in February.

Around the country, detached house sales increased by 16.3 per cent in New South Wales, 7.3 per cent in Victoria, 3.2 per cent in Queensland and 5.7 per cent in South Australia.

Sales fell by 5.6 per cent in Western Australia, but that result followed three consecutive rises.