Fed: New home sales surge to record level in March

AAP General News (Australia)
04-25-2001
Fed: New home sales surge to record level in March

The Housing Industry Association says the doubling of the first home builders' grant
last month caused new home sales to surge to a record level.

The association says its new home sales survey found first home buyers flooded the
market in the last three weeks of March, with about 16,700 sales made over March -- an
increase of 135 per cent on February.

Housing association head RON SILBERBERG says the survey shows the $14,000 grant had
a stunning effect on the industry nationwide.

Dr SILBERBERG says the combined effect of the revised grant and the three interest
rate cuts has helped to restore confidence in the housing industry.





Queensland recorded the largest increase across the country followed by Western Australia.

* Queensland - up 155 per cent;

* Western Australia - up 140 per cent;

* Victoria - up 106 per cent;

* New South Wales - up 94 per cent; and

* South Australia - up 93 per cent.

AAP RTV eg/rt/klw

KEYWORD: GRANT HOMES (CANBERRA)

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