Australian New-Home Sales Fell 4.9% in December From Prior Month

Australian sales of newly built homes dropped 4.9 percent in December from a month earlier, the Canberra-based Housing Industry Association said.

Detached house sales fell 7.7 percent, while apartments surged by 29.4 percent, HIA said in a report today.

“The intensification of bad news regarding Europe, question marks over labor market prospects in Australia, and avoidable delay and uncertainty as to whether banks were going to pass on the Reserve Bank’s second rate cut conspired to drive a fall in new housing contracts as the holiday season approached,” Harley Dale, HIA chief economist, said in a statement.

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