Australia New-Home Sales Fell to Record Low in August, HIA Says

Oct. 3 (Bloomberg) -- Australian sales of newly built homes slumped to lowest level on record in Aug., a private report showed, underscoring central bank’s decision to resume lowering interest rates.

* Sales fell 5.3% to 5,383 from July, when they dropped 5.6%,

Housing Industry Association said, citing survey of

Australia’s largest builders * Detached house sales fell 5.8%, apartments down 2.5% * “New home sales for August are the latest in a string of

soft new housing updates for this financial year,” Harley

Dale, HIA chief economist, says in statement * “A fresh round of interest rate cuts will help rebalance

this situation, although financial institutions obviously

need to play their role in cementing this outcome”: Dale Story

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