Australian sales of newly built homes climbed to a one-year high in April, adding to signs of a rebound in the property market.

Australian sales of newly built homes climbed to a one-year high in April, adding to signs of a rebound in the property market.

Sales of new homes advanced 7.1 per cent from the previous month to 8,776, the Housing Industry Association said in an e-mailed statement yesterday. Sales of detached houses climbed 7.2 per cent and apartment sales increased 6.5 per cent.

Jobs growth and rising incomes have stoked demand for housing, adding to signs of accelerating economic growth. The economy expanded at the fastest pace in more than three years in the first quarter, the unemployment rate fell to a 33-year low in May and home-building approvals surged in April.

‘The April bounceback in sales is certainly very encouraging,’ said Harley Dale, chief economist at the association in Canberra. ‘Still, we want to see further gains in May and June before saying this is the beginning of a sustained recovery in housing.’

The Housing Industry Association represents the nation’s building companies. The series is compiled from a sample of the largest 100 residential builders in Australia and provides a leading indicator of housing.

Source: The Business Times, 14 June 2007