Sales up new homes up 11%

Posted on 25/09/2009  

The number of new homes sold across Australia rose strongly in August after a flat mid-2009, according to the Housing Industry Association (HIA).

HIA Chief Economist Harley Dale says sales to first-home buyers boosted new home sales 11% in August, the best monthly result for three and a half years. He says the boost to new home construction will be apparent in the second half of 2009 and well into 2010.

The number of detached house sales increased 11.8% in August while the number of apartments sold rose 7.5%.

Dales says that, as well as strong activity by first-home buyers, there is evidence of a lift in trade-up buyer activity in the new home market.

Sales of new detached homes increased 21.8% in Victoria, 20.9% in Queensland and 15.1% in Western Australia. Sales fell 11.3% in New South Wales and 2.5% in South Australia.

ENDS

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