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Financial News: Australia New Home Sales Rebound In April

Australia New Home Sales Rebound In April

06/02/2017 - 00:07:00 (RTTNews)

(RTTNews) - New home sales in Australia increased in April after falling in the previous month, the Housing Industry Association reported Friday.

Total home sales rose 0.8 percent month-over-month in April, reversing a 1.1 percent decrease in March.

The modest increase in April was driven by stronger sales in New South Wales, Victoria and South Australia.

The total number of new detached house sales climbed 2.2 percent over the month, while multi-unit sales dropped by 1.2 percent.

However, at this particular point in the home building cycle, today's results are unlikely to counter the uncertainty being created by state governments changing policies on residential investment, the agency said.

"Increasing taxes on residential building and investment add to the risk of a more rapid and deeper contraction in building activity," cautioned HIA senior economist Geordan Murray.

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