New home sales have fallen to their lowest level in over a decade, reflecting a sharp deterioration in new home building conditions, the HIA says.

The Australian share market closed higher, buoyed by rallies on offshore markets, but pulled back slightly from earlier gains.

Fairfax Media shares have risen seven per cent after the company's full year results held up well in response to a weaker advertising market.

New infrastructure projects in Australia are likely to deliver growth to Lend Lease Group over the next financial year, despite global uncertainty.

GPT Group has lifted its reported first half profit by 67 per cent and says it is on track to be Australia's best performing property group.

Perpetual's shares jumped to a 10-week high after it announced a $70 million off-market share buy-back and an annual profit in line with expectations.