New home sales up down under

New home sales climbed Down Under in November 2013, with transactions rising 7.5 per cent, the fastest monthly growth since January 2010.

Sales of new homes in Australia reaches a two and a half year high in November last year, with momentum growing since the closing stages of 2012, according to the Housing Industry Association.

"That is a good sign for residential construction activity in 2014," commented HIA Chief Economist, Dr Harley Dale. “Both new home sales and private sector building approvals increased strongly over the three months to November last year, with detached housing growing by around 4 per cent according to both leading indicators, for example.

"We need to see upward momentum in these leading indicators continue throughout 2014. For new home sales the first ‘milestone’ to look out for will be sales
once again reaching the volumes experienced in the first half of 2011.”