Bloomberg News

Australia September Newly Built Home Sales Drop 3.5%, HIA Says

October 31, 2011

Nov. 1 (Bloomberg) -- Australian sales of newly built dwellings dropped 3.5 percent in September from a month earlier and detached house sales slumped to the lowest monthly level since December 2000, the Canberra-based Housing Industry Association said.

Detached house sales fell 3.3 percent and apartments dropped by 5.5 percent last month, HIA said in a report today.

“The September figures highlight the present soft conditions facing new home building and reinforce the importance that the RBA board calls it right today by cutting interest rates,” Harley Dale, HIA chief economist, said in a statement.

--Editors: Brendan Murray, Malcolm Scott

To contact the reporter on this story: Michael Heath in Sydney at mheath1@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net


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