New home sales on the rise

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Data from the Housing Industry Association (HIA) has revealed new home sales were up by 3% in October, a significant gain from flat results in September, reports The Australian.

HIA attributed the rise to the 6% increase in detached house sales. However, apartments were down 10.5% following a strong performance in previous months.

While both home types recovered from the midyear slumps, sales remain off their cyclic peak in April this year. But for HIA chief economist Harley Dale, they are still high.

“Lending for new housing is still trending higher and doesn’t appear to have peaked yet,” he said.

The HIA also noted a 24.8% jump in detached home sales in Western Australia although there were falls of 7.8% and 3% in New South Wales and Queensland, respectively.

House starts approvals across Western Australia recorded a high in the June quarter this year.

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