Novelty rhymes with:
admiralty, casualty, difficulty, disloyalty, faculty, fealty, loyalty, mayoralty, mcanulty, penalty, realty, royalty, specialty, subtlety, tumulty
Novelty sounds like:
nameplate, neblett, neuenfeldt, neufeld, newbold, newfield, nibbled, niblett, ninefold, nobility, noblet, noblett, noblitt