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New home sales fell 1.3 per cent in August, HIA data showed yesterday.
Detached house sales fell for the seventh consecutive month, dropping 2.4 per cent however there was a 5.8 per cent jump in multi-unit sales.
While the overall August figure was down it was an improvement on the 7.2 per cent drop recorded in July.
HIA chief economist Harley Dale said there was still a shortfall of 45,000 dwellings this year alone.
“A further rate cut at the start of October is imperative in the current fragile economic climate,” Mr Dale said.
Published: 26-09-08
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