Sales surge in Australian state

Sales of land and residential properties in the Australian state of New South Wales saw a year-on-year jump of over a quarter in July and August, its government has said.

The period witnessed a 25.5 per cent increase on the same two months in 2008 and the treasurer of the state Eric Roozendal remarked that this was particularly encouraging in view of the fact that winter is normally a slow time for transactions.

He also suggested it was a good sign of economic recovery for New South Wales.

Such a trend may encourage those keen on buying in Sydney or other places in the state, which is the most populous in the country.

Earlier this week, the Real Estate Institute of New South Wales noted that prices have been rising in the cities of Sydney, Newcastle and Woollongong.

President of the body Steve Martin remarked that in the three months to June the median house price in Sydney rose by 3.02 per cent.

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