April sees rise in people buying a house
There was an increase in the number of people buying a house in April, latest figures from the ...
There was an increase in the number of people buying a house in April, latest figures from the Housing Industry Association (HIA) show.
After a weak start to 2012, the property market has begun to recover - although the HIA believes further cash rate cuts and government action are necessary to maintain growth.
Chief economist Dr Harley Dale said: "We keep hearing that Australia is one of the world’s strongest economies in aggregate.
"That's a redundant concept if people on the ground aren't feeling and experiencing that, and they haven't been for quite some time."
Throughout April, the number of seasonally adjusted new detached house sales increased by 17.2 per cent in Victoria, a trend that emerged ahead of the removal of the First Home Bonus.
Meanwhile in Western Australia, detached house sales rose by 9.8 per cent, while New South Wales experienced a 1.8 per cent increase.
There is more good news for residential property buyers, as a joint report from the HIA and Commonwealth Bank found that affordability increased during the first quarter of 2012.
In the first three months of the year, the Housing Affordability Index improved by 6.4 per cent.