Home sales rose in April but HIA calls for rate cuts

The number of new home sales rose in April but the Housing Industry Association says more interest rate cuts are needed.

The HIA said new home sales rose 6.9% in April, seasonally adjusted, following a 9.4% fall in March.

HIA chief economist Harley Dale said the Reserve Bank needed to “get on with the job” and cut rates on June 5.

“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,” Dale said in a statement.

This article first appeared on SmartCompany.

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