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New home sales in Australia fell for the second straight month following a first time buyer surge in August, the Housing Industry Association reported on Monday.
Sales of new homes were down 6% month-on-month in October, after the 4.5% decrease in the previous month.
"Sales activity from investors and upgrade owner occupiers has not chimed in to offset weakening first home buyer-related activity," said Harley Dale, Chief Economist at HIA.
"A decent and sustainable new home building recovery needs strong momentum from private sector trade-up buyers and investors and we seem to be falling short on that score as we near the end of 2009."
In October, the number of sales of detached houses fell by 6.9% on month, following the 4.3% decrease in the preceding month, while the number of apartment sales increased 2.4%.
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