 New home sales jump
Sales of new homes have risen for the second month in a row. Buyers are taking advantage of lower rates, handouts from the stimulous package and first home buyer grants to purchase newly built homes.
Total new home sales grew by 3.9% in February, following an 8.6% increase in December, the Housing Industry Association said.
"The project home building market is gaining much-needed stimulus from low variable mortgage rates and from the boost to the First Home Owners Grant," said HIA chief economist Harley Dale in a statement.
Mr Dale credits the boost to the first home buyer grant as the reason behind this new building activity, which has been looking up for the past five months. With the increase in activity comes more employment.
Victoria posted positive numbers, with house sales in easing 5.6% in February, in an anticipated fall after the state's home sales in the previous two months jumped 24%.
New South Wales led the nation in new home sales with a 21.7% jump in February, following an 11.2% increase in January.
And in Western Australia new home sales held up in February, increasing 4.2%.
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