A Recent survey of Housing Industry Association showed that the sales of new homes in Australia were reported down by 5.2% in the month of February. The decline in February came after a 9.5% increase in new homes sale reported in previous month.

HIA said that the recent decline in new home sales is mainly attributable to the recent rise in interest rates and the effects of Federal Government's First Home Owners Boost pass. The Housing Industry Association conducted this survey over Australia's 100 largest builders.

The report of HIA said that the sales of detached new homes were declined by 4.7% in the month of February, whine in January it was reported up by 10.1%. The report also revealed that the sales in the multi-unit sector were declined by 9.4% in February.

The HIA report showed that New South Wales region reported the highest decline of 9% in February while the Victoria region recorded the highest growth of 16.1% in new home sales in the month.

According to the report, the sales of detached new homes were reported down by 5.8% and 7.9% in the states of Queensland and South Australia respectively. The state of Western Australia also witnessed a decline in detached new home sales. New home sales in Western Australia were reported down by 5.1% in the month of February.