July 1, 2010, Australia – According to The Housing Industry Association’s monthly survey of Australia’s 100 largest home builders, the number of new home sales has dropped by 10.7 per cent , to 1066. This is another cliff for the housing sales, a lobby group says.
Based from the records, it marks as the lowest figure since August 2008, and the second straight monthly drop, and supersedes a recovery in the previous 7 months.
For the three months to May, the new home sales were 4 per cent lower than the same period last year, survey shows.
The figures mirror new home building approvals, which fell 2.5 per cent to 1621 in April – also a second straight monthly fall following an 8.5 per cent fall in March.
“With a lag, the trend in building approvals has turned towards that evident for new home sales and that is a concern for the sustainability of the recovery,” the survey says.
Harley Dale, HIA chief economist, said that there were diminishing demand for homes due to higher interest rates and the threat of further rate hikes.
Source: WA Today News
