New home sales increased for a 4th month on the bounce, by 2.9% in April and 6% over the quarter.
Commentators have called the peak on this recovery at least half a dozen times but the trend still looks good on a national basis.
Western Australia (+6.4%) and New South Wales (+5.2%) led the way. Victoria was up a bit (+0.5) but new home sales fell in Queensland (-2.1%) and South Australia (-6.0%).
The recovery since September 2012 has been both strong and broad based and with residential construction as reported yesterday increasing by 8.4% over the past year .
This bodes well for some level of rebalancing of the economy.
This is important, because as the capital expenditure release will likely confirm in the next ten minutes, mining construction could decline by as much as a quarter by FY 2014-2015 so residential and commercial building definitely needs to pick up some of this slack.
A strong result.