New home sales increase in March after a drop in February

Alistair WalshApril 30, 20130 min read

New home sales have bounced back in March after a strong decline in February, according to the Housing Industry Association.

The HIA New Home Sales report shows a 4.2% increase in seasonally adjusted new home sales in March bringing sales figures back to what they were 12 months ago.

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There was a strong decline in new home sales in February – a 4% decline for new detached house sales and an 11% decline for sales of multi-units. They both increased by 3.9% and 5.6% respectively.

“A bounce back in March after a disappointing result for February is a good result to see," says HIA Chief Economist, Harley Dale. "It was important we saw a rise, even one that didn't completely eradicate the February decline."

“However, the overall trend of recovery since November last year means sales volumes are now at low rather than record low levels.”

During March detached house sales increased by 16.3% in New South Wales, 7.3% in Victoria, 3.2% in Queensland, and 5.7% in South Australia.

Detached house sales fell by 5.6% in Western Australia following three consecutive rises.

Dale used the results to call for economic reform by the federal government to boost new housing supply.

Alistair Walsh

Deutsche Welle online reporter
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