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CORR - AUSTRALIAN NEW HOME SALES DIP 16 PCT IN SEPTEMBER.

AsiaPulse News

| November 01, 2005 | COPYRIGHT 2005 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Repeating to correct the first paragraph.

SYDNEY, Nov 1 Asia Pulse - The sale of new homes in Australia has dipped in September, following a solid jump in the previous month.

A Housing Industry Association (HIA) report showed sales of new homes and units fell by 16 per cent across the five largest states in September.

The sale of new houses fell by 20 per cent, while the typically volatile sale of multi-units rose 9.4 per cent over the month.

The HIA said that there appeared to be no long-term sustainable recovery in housing demand, despite the fact that not enough homes are being built to satisfy population growth and household formation.

HIA's chief economist Simon Tennent said despite the negative news nationwide, sales in NSW rose nine per cent in September, after rising by 16.7 per cent in August.

Many large volume builders in Sydney had reported modest improvements in enquiries and display home traffic, he ...

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