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Flat October for new home sales

New property sales enjoyed a modest increase in October as the lead up to the election took the spotlight and people may have decided to wait and see the outcome.Victoria continues to lead the way and the incoming migration will continue to have a dominant influence on the property markets moving into the new year.

New home sales were effectively flat in October, according to figures released this week by the Housing Industry Association (HIA).

HIA's New Home Sales figures released this week for the month of October 2007 show a 0.8 per cent rise in the sale of new homes and units among Australia's largest builders and developers.

The key measure, private sector detached house sales, fell by 1.6 per cent and was down by 2 per cent over the three months to October.

Sales in the more volatile apartments component increased by 25.3 per cent following an equivalent fall in September. Apartment sales were down by 10 per cent over the three months to October. 

On a state by state basis, Victoria enjoyed a very strong October with detached house sales jumping by 28 per cent.

Sales rose modestly in Western Australia and New South Wales, up by 2.7 per cent and 2.1 per cent respectively.

Sales fell by 5.5 per cent in South Australia and were down by 8.7 per cent in Queensland.  

- market, trend, home, house, new, property

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