New home sales in Australia rose for a second consecutive month in June, due to a surge in multi- units dwelling sales, the Housing Industry Association (HIA) said on Monday.
The HIA New Home Sales report showed a 2.8 percent rise in June.
The report found that national detached house sales increased by 0.7 percent in June following a decline of 2.0 percent in May.
However, multi-unit sales in June jumped 15.7 percent.
HIA chief economist Harley Dale said it was encouraging to see a second month of growth in new home sales across Australia.
“It is, however, a stark reminder of how much catching up is left in the multi-unit sector when a lift of this magnitude still leaves sales volumes 36 percent below their 10-year average,” Dale said in a statement.
He said lower interest rates would assist new housing in the financial year of 2013, but the gap between the cash rate and variable mortgage rates would reduce their positive impact.
“Investment and reform from governments is the key ingredient to lifting the new housing sector substantially above the recessionary levels of 2012,” Dale said.
via Xinhua
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019