Australian Newly Built Home Sales Rise 4% on Rising Immigration
Australian sales of newly built homes rose in June as record immigration stoked demand for property even as living costs increased.
Sales of homes advanced 4 percent from May, the Housing Industry Association said in a report e-mailed to Bloomberg News today. Detached house sales gained 2.6 percent and sales of apartments surged 15.5 percent last month.
“Australia is seeing strong demand for housing, fueled by record immigration,'' said Harley Dale, chief economist at the Canberra-based association, which represents building companies.
Sales in New South Wales, the nation's most populous state, jumped 20.2 percent in June and sales in Western Australia, center of a resources boom, climbed 16 percent first cash advance.
Still, total home sales across Australia over the first half of 2008 rose just 0.4 percent as interest rates at a 12- year high and record fuel costs deterred purchases.
The report is compiled from a sample of Australia's 100 biggest residential builders to provide a leading indicator of housing.
Filed under: technology by Wolf