Australia September New Home Sales Down 4.5% On Month - HIA

(RTTNews) - New home sales in Australia declined in number by 4.5 percent in September compared to august, according to survey results released Thursday by the Housing Industry Association (HIA).

The report said the number of sales of stand-alone houses fell 4.3 percent for the month, but were up 4.0 percent for the three months to September.

The number of apartment sales was down 6.5 percent on month but up 4.0 percent on quarter.

HIA Chief Economist Harley Dale noted a late burst of sales from first time home buyers in August, ahead of the end of the government’s first home buyers’ grant. The stimulus to new home sales from that policy is now “on the wane,” he said, with a “very real risk” that recent gains in housing affordability could be reversed.

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