Australian new home sales rose strongly in the first quarter of 2014 with boom conditions evident in the north-eastern state of Queensland where house sales surged 20.8% over the three months.
Nationally, new home sales rose 5.8% in the first quarter, the Housing Industry Association, an umbrella group for major home-building firms, said Friday.
“Strong results occurred in the areas where a new housing recovery is just gaining traction,” said HIA economist Diwa Hopkins. Australia’s housing sector appears to be in the early stages of recovery, with interest rates at record lows and pent-up demand after years of hiatus in the market.
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