By: Wayne Cole
SYDNEY: Sales of new homes in Australia rebounded sharply in November in a sign the boom in residential construction has a while to run yet, an industry survey reported on Friday.
The Housing Industry Association (HIA) said its survey of large-volume builders showed new home sales rose a seasonally adjusted 6.1 % in November.
Sales of houses increased by 5.2 percent, while apartment sales jumped 9.3 percent.
“At this stage of the new home building cycle that’s a very impressive result – this is already the largest and longest national new home construction cycle in history,” said HIA chief economist, Harley Dale.
“A healthy outlook for new home construction in the first half of 2017 is good news for the Australian economy, because of the huge impact that new home construction has on broader economic activity.” ( Editing by Shri Navaratnam)
Source: Reuters