New home sales in Australia increased for a second consecutive month in June due to a spurt in sales of multi-units, the Housing Industry Association said in a report on Monday.
Home sales rose 2.8 percent year-on-year in June on the back f a 15.7 percent jump in sales of multi-units.
Detached house sales continued their disappointing run in 2012, growing by only 0.7 percent last month.
"Lower interest rates will assist new housing in 2012/13, but the large gap between the cash rate and variable mortgage rates will blunt their positive impact," HIA Chief Economist Harley Dale said.
by RTT Staff Writer
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