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Australia: New Home Sales rise 0.6% in September

By FXstreet.com,  October 28, 2010, 09:08:00 PM EDT

FXstreet.com (Córdoba) - The Australian New Home Sales rose by 0.6% in September 2010 said the Housing Industry Association today. This decrease is the first increase after 4 consecutive falls. In August New Home Sales dropped 2.6%.

However, sales were down by 14% for the September 2010 quarter and were 15 % below the level of new home sales for the September quarter of the previous year.

"The appropriate decision for the Reserve Bank next Tuesday is to keep the cash rate on hold", said Dr Harley Dale, HIA Chief Economist.

"Heightened speculation about increased interest rates has been damaging to housing sentiment and activity. Warnings from the banks of pending increases in mortgage rates outside of changes in monetary policy have been unhelpful to buyer confidence and are causing potential buyers to stay on the side-lines", Dr Harley Dale added.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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