New home sales in Australia climbed notably to reach its highest level in four years in March, results of a survey by the Housing Industry Association showed Wednesday.
Total seasonally adjusted home sales rose 4.4 percent month-over-month in March, taking sales volumes to their highest level since early 2010.
In March, multi-unit sales surged 11.3 percent and detached hose sales also increased by 2.6 percent.
“HIA welcomes yesterday’s reduction to the official cash rate, a decision which has arrested much of the uncertainty around monetary policy.” said Ms Hopkings, HIA Chief Economist.
“Lower lending rates will provide added support to residential construction activity, which is emerging as a key area of growth mitigating the effects of the downturn in mining investment and construction.”
The material has been provided by InstaForex Company – www.instaforex.com