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New home sales jump in November

By Samantha Lewis

Those who own real estate in the city of Knox may be interested to hear that the sale of detached homes in Victoria rose 15.6 per cent in November.

The New Home Sales report, compiled by the Housing Industry Association (HIA), found that  there was a 4.7 per cent jump in the transaction of new dwellings across the country.

The sales of detached dwellings lead the way with a 7.7 per cent jump at a national level – this is following five months of consecutive declines.

Economist with the HIA Geordan Murray said that this turnaround was based on a number of factors.

He commented: "Against the backdrop of late 2012, when we had lower borrowing rates combining with a number of states encouraging new home building through amendments to first home buyer assistance, it is promising to see new home sales moving in the right direction."

New South Wales was the only state to do better than Victoria, recording a 15.8 per cent rise in the sale of new detached homes while South Australia saw a 6.7 per cent jump. Queensland and Western Australia all saw reductions in the transaction of new dwellings, down 0.1 per cent and 6.8 per cent, respectively.

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