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Australian New Home Sales Increase in April

New property purchase figures for April are up around Australia from last month, according to a the latest New Home Sales report by the Housing Industry Association (HIA).

Continuing on from growths in late 2012 into this year, the figures are a 3.9 per cent increase for April.

HIA senior economist Shane Garrett said: “Overall, recent developments in new home sales are encouraging.”

Mr Garrett was already looking to future developments, saying that despite recent growth, “we do, however, need to be considering the longer term prospects of a recovery in residential construction beyond 2013”.

In the Northern Territory, the First Home Owners Grant (FHOG) provides assistance to eligible first time buyers purchasing a new or established property in Darwin or elsewhere in the Territory.

Several states around Australia, most recently Tasmania, have reformed their FHOG schemes to restrict assistance to new home purchases, which might increase the number of buyers in this category, although this may consequently mean a dip in the number of pre-existing home purchases.

Sales of established real estate in Darwin increased by eight per cent in the year to March 2013 however, showing the largest growth in the country for that period.

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