House sales slide in June but outlook still positive

The number of new homes sold fell in both NSW and Queensland during June, however, total sales were still up 13 per cent for the first half of 2009.

The Housing Industry Association’s (HIA) latest survey of Australia’s largest builders said the increase in sales for the first half of 2009 marked a healthy turnaround from the weak back half of 2008.

“The lift in new home sales over the first half of the year was driven by low mortgage rates and the first home buyer stimulus,” HIA chief economist Dr Harley Dale said.

“Sales of detached homes rose by 18 per cent over the first half of 2009, signalling a pick-up in single dwelling starts in the back half of 2009.”

For the month of June, detached new home sales increased by 1.2 per cent in Victoria, 24.2 per cent in South Australia and 8 per cent in Western Australia.

Sales fell by 4.2 per cent in New South Wales and by 9.9 per cent in Queensland.

The number of new homes sold fell in both NSW and Queensland during June, however, total sales were still up 13 per cent for the first half of 2009.

The Housing Industry Association’s (HIA) latest survey of Australia’s largest builders said the increase in sales for the first half of 2009 marked a healthy turnaround from the weak back half of 2008.

“The lift in new home sales over the first half of the year was driven by low mortgage rates and the first home buyer stimulus,” HIA chief economist Dr Harley Dale said.

“Sales of detached homes rose by 18 per cent over the first half of 2009, signalling a pick-up in single dwelling starts in the back half of 2009.”

For the month of June, detached new home sales increased by 1.2 per cent in Victoria, 24.2 per cent in South Australia and 8 per cent in Western Australia.

Sales fell by 4.2 per cent in New South Wales and by 9.9 per cent in Queensland.

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