Australian home sales in new rise

The number of home sales in Australia was up in November, new figures have revealed.

Data from the Housing Industry Association (HIA) revealed that there was an overall rise of 0.3 per cent in the number of transactions, compared with a drop of six per cent in October.

The statistics also showed that the increase was concentrated in sales of detached homes (up 0.8 per cent), while apartment sales dipped by 4.9 per cent.

HIA chief economist Harley Dale said the situation meant that rental conditions would still be "very tight" this year, but added: "Overall, leading indicators are pointing to a recovery in new residential construction in 2010."

This second factor could help create more choice for those keen to buy a new-build property in the country.

A recent study by Bankwest-Mortgage and the Finance Association of Australia found that first-time buyers looking for less expensive home in the country are tending to seek cheaper homes further from city centres.

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