New homes sales in Australia hit highest level in two years

Sales of new homes in Australia have reached the highest level in two years; as sales grew by 6.5 per cent in September. 

According to skynews.com.au, the Housing Industry Association (HIA) reports that September was the best month for house sales growth since April last year. 

Detached houses have performed particularly well in the September quarter, with sales increasing by 3.7 per cent - an increase of 25.2 per cent compared to the same time last year. This is largely due to the house building sector as land sales rose by 18.2 per cent in the second quarter of this year, reports propertywire.com. 

Land sales have been particularly high in Sydney which saw a rise of 33 per cent over the June quarter - reaching an 11 year high. 

HIA chief economist, Harley Dale, said that the positive figures should increase confidence in the housing sector further. 

"Given the recovery in sales is occurring from a record and that the upward momentum appeared to be stalling in mid-2013, this September outcome is very positive," he said. "A strong September result for new home sales needs to gather further steam and clear upward momentum for building approvals and new housing finance needs to occur over the foreseeable future." 

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