New Homes sales Climbs 3 per cent in October to Four-Month High in Australia


Australia is once again in the high note for the construction industry. The sales of the new homes in Australia were climbed in October – highest in last four months. It is actually the trademark of flexible demand that should encourage further building, an industry survey showed on Thursday in November 27. Renowned Aussie newspaper, The Age – published this on Thursday in their website.

The Housing Industry Association (HIA) said its survey of large volume builders showed sales of new homes climbed 3 per cent in October, after a flat performance the previous month.

"Sales are still off their cyclical peak reached back in April this year, but the overall volume of new home sales is still at an elevated level," said Harley Dale, HIA chief economist.

"That augurs well for healthy new home construction activity persisting into 2015."

Record-low interest rates have led to a marked pick-up in home prices over this year, while approvals to build new homes have been trending strongly higher.

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Sourcewww.theage.com.au