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Australia new home sales rise 0.5 pct in June

Published 03/08/2015, 11:04 am
Updated 03/08/2015, 11:06 am
Australia new home sales rise 0.5 pct in June

SYDNEY, Aug 3 (Reuters) - Sales of new homes in Australia bounced in June after a dip the previous month to hold at near their highest in at least five years, data showed on Monday.

The Housing Industry Association (HIA) said its survey of large volume builders showed sales of new homes rose a seasonally adjusted 0.5 percent in June, from May.

Sales of detached homes rebounded by 1.7 percent in June to offset a 2.9 percent decline in multi-units.

"Total sales appear to have peaked for the cycle back in April, but remain at an extremely elevated level," said HIA chief economist Harley Dale. "It can consequently be said that new home sales held their head up high throughout 2014/15."

Australia is in the midst of a boom in home building thanks to relatively rapid population growth and historically low mortgage rates, after the Reserve Bank of Australia (RBA) cut its rates to a record low of 2.0 percent in May.

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