Housing industry sees modest increase in new home sales

THERE was a modest recovery in new home sales in October, with the housing industry welcoming a 3.4% rise in sales during the month on Thursday.

Housing Industry Association chief economist Harley Dale said the association's monthly new home sales report also revealed a 31.4% rise in multi-units sales during the month.

But sales of new detached homes fell by 2% during October, marking the fifth fall in six months.

Mr Dale said the results were a mixed bag, and despite the weak headline result for detached homes, there were modest rises at a state level for New South Wales, South Australia and Western Australia.

"Detached house sales in Victoria were a big drag on the aggregate result in October, slumping by 12.1%," he said.

"If you take that result out of the mix, then detached house sales actually posted a rise of 2.4%."

The board of the Reserve Bank meets for its final rates decision of the year on Tuesday.



HOT SPOT: The suburb that's perfect for first home buyers

premium_icon HOT SPOT: The suburb that's perfect for first home buyers

Affordable, close to the CBD and ready for buyers

This man farms the 'best' avocados on the Northern Rivers

premium_icon This man farms the 'best' avocados on the Northern Rivers

There is no better feeling than cutting open that perfect avo

700km above Earth: Artist's breathtaking project

premium_icon 700km above Earth: Artist's breathtaking project

Incredible work shortlisted for prestigious international award

Local Partners