New property sales 'rise for third successive month'

By Mozo ·

Sales of new property in Australia rose for the third consecutive month in March, recent figures reveal.

Data from the Housing Industry Association (HIA) showed that there was a 4.3 per cent rise in the number of people taking out home loans to purchase new-build abodes, reports the Australian Associated Press.

However, the HIA warned that a longer period of "sustained growth" would be needed before it could "look ahead to healthy levels of residential building activity".

Indeed, figures indicated that despite a month-on-month increase in the number of new properties acquired, the figures for the first quarter of 2011 showed a nine per cent decline compared to the data from the same period the year before.

"The increase is exaggerated by a weak starting point in the final quarter of 2010 and volumes remain below the long-term average," the HIA stated.

Figures from CommSec revealed that there was a 4.6 per cent drop in the amount of money secured by home loans applicants in February compared to the preceding month.

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