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HIA Urges States to Adopt Policies for Strong Housing Recovery

By Jamil Allouche

New home sales increased 0.5 per cent across Australia, according to a March 3 statement from the Housing Industry Association (HIA). 

While there was a small decline in December, the sale of new homes got back on track during January, noted HIA Senior Economist Shane Garrett. 

More specifically, multi-unit sales grew by 1.6 per cent, well ahead of new detached house sales, which rose 0.3 per cent.

Those considering edging their way into real estate in Brunswick may take note of the figures for Victoria, which were also released by the HIA on March 3. 

While in the three months to January new detached house sales for the state dropped by 12.3 per cent, the findings for January alone were far more positive. 

New private detached house sales grew by 10.9 per cent in Victoria, which is promising for homeowners and investors looking to secure new properties.

Should the trend continue, this could make buying property in Brunswick and other areas of Melbourne more affordable given the increase in supply. 

"New home sales have been rising pretty steadily since the third quarter of 2012, encouraged by the falling interest rates and the return of confidence to the housing market," stated Mr Garrett.

However, it's important that states also adopt policies that "sustain housing market recovery," noted Mr Garrett.

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