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Land sales growing at modest rate

Residential land sales are increasing modestly, according to the HIA.

Land sales in Australia are on the rise but only at a modest rate, according to the Housing Industry Association (HIA).

Results from the HIA-RP Data Residential Land report show a 4.3 per cent increase in residential land sales during the second quarter of 2013.

Speaking on the March quarter results, HIA chief economist Harley Dale said: "We are moving in the right direction, but ... land sales suggest the magnitude of a first stage new home building recovery will fall short of what the economy requires."

He pointed out that the increases experienced since 2011 have come from a very low base, fuelling his fears that new building will fall short. This news comes at a time when consumer demand for new properties is at a high.

Additionally, the Australian Bureau of Statistics recently published revisions to its record on the value of building work. These showed that the value of construction work on residential properties had actually fallen at the start of 2013.

Posted by Steve Douglas

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