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Australian new home sales stay near decade lows: survey

09-28-2011 14:38 BJT

SYDNEY, Sept. 28 (Xinhua) -- Australia's new home sales have stayed near decade lows, with people showing reluctance to buy amid global financial uncertainty, according to a new survey released on Wednesday by the Housing Industry Association (HIA).

The latest survey of Australia's major residential builders showed the total number of new homes sold in August edged up by 1. 1 percent across the country to 6,497, following an 8 percent fall in July to 6,428, the lowest level of new home sales since December 2000.

"New housing conditions are very soft at present," said HIA chief economist Harley Dale.

"For those who are in a financially capable situation to build a home, now is a very good time to contemplate doing so."

Dale said it was understandable that there was unwillingness on the part of households to buy new homes because of the uncertain domestic and global economic conditions.

Detached house sales increased by 1.5 percent in the month of August but were down by 15 percent over the quarter, the survey found.

Sales of multi-units fell by 2.2 percent in August.

The improvement in the volume of detached house sales reflected a rise of 9.8 percent of sales in Queensland and a three percent increase in Victoria, Dale said.

"August marked the first month of the Queensland Government's building boost grant and this has clearly had a positive, if modest impact on sales," he said.


Editor:Zhang Rui |Source: Xinhua

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