Sales of new homes in Australia had a firm finish to 2012, according to the Housing Industry Association. Transactions of new build property increased 6.2 per Cent in December, marking the third month of rises in a row. Sales jumped by 3.3 per cent on a quarterly basis but were still 12.7 per cent lower than the level of sales in the same quarter in 2011.

"The promising headline rise last December was driven by both Detached House and multi-unit sales," said HIA Economist, Geordan Murray. "Furthermore, if we look at the under-performing market for 2012 - detached houses - the December improvement was broad-based as sales increased in all but one of the surveyed states."

"However, the overall result for 2012 leaves plenty of room for improvement. Detached House Sales were weak throughout the year and compared with 2011 were down by 22.7 per cent," said Geordan Murray. "On the other hand, multi-units sales were the star performer of 2012. They recovered from the record lows endured in 2011 and increased by 24.1 per cent over 2012."

In the month of December 2012 detached House Sales Increased by 7.1 per cent in New South Wales, 6.0 per cent in Victoria, 3.8 per cent in Queensland, and 12.2 per cent in Western Australia. Sales eased by 1.8 per cent in South Australia, but that followed three consecutive rises. Over the December 2012 quarter detached house sales increased in New South Wales (+14.4 per cent), South Australia (+9.3 per cent), and Western Australia (+2.5 per cent). Sales fell over the December quarter last year in Victoria (- 8.4 per cent) and Queensland (-5.5 per cent).

"It is hoped that further signs of an impending new home building recovery emerge in coming months," added Murray. "However, it remains the case that lower interest rates alone will not deliver a recovery of the magnitude required by Australia's economy and population."

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