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New Home Sales in Australia Picking Up
Australia, July 30, 2009 – Sales of new homes in Australia continue to increase, continuing the positive trend for the first six months of the year.
An industry survey of 100 major builders from the Housing Industry Association (HIA) showed total sales of new homes rose 0.5 percent in June, seasonally adjusted. Sales of houses are up 0.3 percent, while multi-unit dwellings increased by2.9 percent. Detached home sales picked up by 18 percent over the first half. However, sales for apartment sector are down by 20 percent in the first six months of the year.
The overall increase in real estate sales is bolstered by the steep interest rate cuts and the government stimulus. Sales for the first half of 2009 have grown by 13 percent year-on-year.
“The lift in new home sales over the first half of the year was driven by low mortgage rates and the first home buyer stimulus,” says HIA chief economist Harley Dale.
Source:
forbes.com
