The Housing Industry Association (HIA) reported that its monthly survey of large-volume builders showed new home sales nudged up 0.2% in February, following a drop of 2.2% the previous month.

After a period of relative instability, Australia's housing market is expected to stabilize throughout the year as government grant programs encourage more homebuyers to enter the market. For decades, the government has assisted residents of mineral-rich Western Australia in purchasing homes through a low-deposit loan program.