New homes up for third straight month

Wednesday 29 April 2009

Article by Mozo

Sales of new homes rose for the third straight month in March, the latest stats from the Housing Industry Association (HIA) show.

With people still keen on government first-home buyers grants and the bevy of low-interest home loans brought on to the market after months of interest rate cuts from the Reserve Bank, the latest figures show sales were up 4.2 per cent last month.

In February, the new number of new purchases shot up 7.8 per cent.

"The first home owners boost for new dwellings is clearly lifting residential building activity and securing jobs within the Australian economy," said HIA chief economist Harley Dale, speaking to AAP.

For those who are looking to compare home loans before entering the market, banking giant Credit Suisse has insisted that the Reserve Bank will be bringing interest rates lower in the months to come.

The Sydney Morning Herald reported last week that the bank is predicting the cash rate to hit 2.5 per cent by October.

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