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New home sales take sidestep

01 September 2009 Reporter

The number of new homes sold is beginning to ease with just a 0.1 per cent increase in July, data from the Housing Industry Association (HIA) has found.

According to the HIA, detached house sales are effectively tracking sideways, rising by 0.3 per cent in both June and July.

“Over the three months to July sales were still 6 per cent higher compared to the comparable period in 2008 and growth over the first half of 2009 was very strong,” HIA chief economist Harley Dale said.

“Housing finance figures point to an emerging recovery in trade-up buyer and investor numbers, but looking beyond first time buyer related activity we’re not as yet at a point where we can talk of a broad based recovery in private new home demand,” Mr Dale said.

Detached new home sales results varied considerably across the five mainland states in July.

Detached house sales increased by 9.8 per cent in New South Wales and 10.2 per cent in Queensland, encouraging results for the two weakest home building states in Australia in 2009.

Sales fell by 4.4 per cent in Victoria, 11.6 per cent in South Australia, and 3.1 per cent in Western Australia.

New home sales take sidestep
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