New home sales fall in australia

The Housing Industry Association says that people should not be concerned by a single monthly fall thanks to such a strong recent display in the new build property sector.

Total seasonally adjusted new home sales fell by 3.8 per cent in October 2013 following a rise of 6.4 per cent in September. In October this year there was a decline of 4.6 per cent in detached house sales which followed two consecutive monthly gains. Meanwhile the sales of multi-units turned in growth of 1.4 per cent in October, a very good result given the 19.9 per cent jump recorded for the previous month.

 “Over the three months to October 2013 the volume of detached house sales increased in all five surveyed states, while the downward trend evident in multi-unit sales since late last year looks to be reversing,” HIA Chief Economist, Dr Harley Dale, comments.

 “That’s a good profile for a leading indicator of new home building activity heading into the end of the year.”