New home sales in Australia were up nearly nine percent in January, mostly due to first time buyers. The most recent report from the Housing Industry Association (HIA) indicated that the sale of new, detached houses rose in January by 8.3 percent, while all detached home sales were up 9.8 percent for the month. For the three-month period including January, sales were up by three percent.
HIA chief economist Harley Dale noted in an interview that the recent government incentive plans are important to the continued recovery of the housing markets. “A rapid start to the federal government’s public housing stimulus plan announced in early February is a vital cog in transitioning the industry to recover,” he said.
South Australia saw the largest increase in sales in January, with detached new home sales up by 24.2 percent. Sales in Victoria rose by 19.3 percent, 10.9 percent in Queensland and 0.9 percent in Western Australia, while New South Wales saw a decline of 5.8 percent.
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