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New home sales at 2-year high

New home sales have increased in both the month and quarter of September 2013, according to the Housing Industry Association (HIA).

The September's total new home sales figure was the highest in over two years.

Given the recovery in sales is occurring from a record low and that the upward momentum appeared to be stalling in mid-2013, this September outcome is very positive.

Total seasonally adjusted new home sales increased by 6.4 per cent in September, the fastest monthly growth since April last year, according to the latest HIA New Home Sales Report.

The increase reflected a 4.5 per cent rise in detached house sales and a 19.9 per cent jump in multi-unit sales.

There is clear upward momentum in detached house sales, which grew by 3.7 per cent in the September 2013 quarter to be up by 25.2 per cent when compared with the same quarter last year.

A strong September result for new home sales needs to gather further steam and clear upward momentum for building approvals, and new housing finance needs to occur over the foreseeable future.

These outcomes would provide confidence that the first round new home building recovery seen in 2012/2013 can gather legs this financial year.