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Australia new home sales up 4.7 pct in Nov-industry
January 9, 2013 / 1:51 AM / in 5 years

Australia new home sales up 4.7 pct in Nov-industry

SYDNEY, Jan 9 (Reuters) - Sales of new homes in Australia bounced in November as falling mortgage rates bolstered demand for detached houses, industry figures showed on Wednesday.

The Housing Industry Association (HIA) said its survey of large builders showed sales of new homes rose 4.7 percent in November, compared to October. Sales of detached homes increased by 7.7 percent, outweighing a 6.9 percent decline in sales of multi-units.

“Against the back drop of late 2012 when we had lower borrowing rates combining with a number of states encouraging new home building through amendments to first home buyer assistance, it is promising to see new home sales moving in the right direction,” said HIA economist, Geordan Murray.

The Reserve Bank of Australia (RBA) cut rates in May, June, October and December, in part to help revive a moribund housing market. (Reporting by Wayne Cole)

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