Slightly more people bought new property in Australia over the month of October, according to the figures from the Housing Industry Association (HIA), the country's residential building body.
Its latest New Home Sales Report, which surveys a number of Australia's major residential building firms, found that the number of new homes sold in October rose by 5.5 per cent.
Nevertheless, figures remained down by eight per cent over the three months to October.
HIA chief executive Harley Dale said the modest increase was encouraging although the profile remained slightly weak.
"With falling interest rates, a competitive building market and a greater availability of skilled trades amid soft housing conditions, now is certainly a good time to build a new home," he added.
The HIA has recently been at loggerheads with the Australian government over its proposed Building Act and earlier in the month welcomed the executive's decision to delay implementing the reforms until businesses are fully prepared.
Posted by David McElwain
