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Mia Santoromito
Residential land sales may currently sit at historically low levels, but the market is slowly starting to claw its way back from the bottom, a HIA-RP Data Residential Land Report has found.
According to the report, land sales grew by 1.3 per cent over the September 2011 quarter.
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While volumes for the September 2011 quarter still remained 16.8 per cent lower than those seen in the September 2010 quarter, the slight improvement was a good sign for the year ahead, HIA chief economist Andrew Harvey said.
"It's a long climb back but at least we have now seen three consecutive quarters in which land sales volumes have increased," he said.
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