New home sales increase nationwide during September

There has been a nationwide increase in the number of new homes sold during September, which could be great news for anyone interested in purchasing property in Sydney's Inner West suburbs.

The latest Housing Industry Association (HIA) New Home Sales report has highlighted an overall upward trend for property across the nation, which saw a seasonally adjusted increase of 6.4 per cent in the sale of new homes during September.

During the month, there was a 4.5 per cent rise in the number of detached homes sold, with a further 19.9 per cent growth in the number of multi-unit sales.

These results make September the fastest growing month since April last year, which could be encouraging for anyone planning on entering the real estate market.

Chief Economist for the HIA, Dr Harley Dale, said the total new home sales across the nation was the signal of a recovering market, which is a positive outcome for the month.

The New South Wales real estate market can also celebrate an overall increase in sales of detached homes during the September quarter, recording an increase of 3.5 per cent.

This could be great news for anyone planning on selling their property in Balmain, or any of the surrounding suburbs in the near future.

"There is clear upward momentum in detached house sales which grew by 3.7 per cent in the September 2013 quarter to be up by 25.2 per cent when compared with the same quarter last year," said Dr Dale in an October 30 statement.

"A strong September result for new home sales needs to gather further steam and clear upward  momentum for building approvals and new housing finance needs to occur over the foreseeable future.

"These outcomes would provide confidence that the first round new home building recovery seen in 2012/13 can gather legs this financial year."