Sales up, but still a long way to go

Sales up, but still a long way to go

04 May 2011 by Staff Reporter 0 comments

Staff Reporter

New home sales have increased, but remain well below the historical average, a new report has found.

According to the latest HIA - JELD-WEN New Home Sales Report, the number of new homes sold increased by 4.3 per cent in March 2011 due to a 5.8 per cent lift in detached house sales.

Sales of multi-units turned in a disappointing result, falling by 10 per cent following a 7.6 per cent decline in February.

HIA chief economist Harley Dale said that a lift in detached house sales in March was positive news, but there was a long way to go for new home sales to reach healthy levels again.

“The volume of new home sales remains subdued, within which the stronger result for March is certainly a welcome outcome. The March result for new home sales reflects an on-going pause in the interest rate hiking cycle and some abatement of the severe weather conditions witnessed in early 2011,” he said.

"A sustained period of improvement is required for new home sales and a raft of other leading indicators before we can look ahead to healthy levels of residential building activity

“On-going interest rate stability in 2011 and renewed commitment from the Federal Government in next week’s budget to tackling the inequitably high cost of new housing would certainly be helpful.”

Staff Reporter

New home sales have increased, but remain well below the historical average, a new report has found.

According to the latest HIA - JELD-WEN New Home Sales Report, the number of new homes sold increased by 4.3 per cent in March 2011 due to a 5.8 per cent lift in detached house sales.

Sales of multi-units turned in a disappointing result, falling by 10 per cent following a 7.6 per cent decline in February.

HIA chief economist Harley Dale said that a lift in detached house sales in March was positive news, but there was a long way to go for new home sales to reach healthy levels again.

“The volume of new home sales remains subdued, within which the stronger result for March is certainly a welcome outcome. The March result for new home sales reflects an on-going pause in the interest rate hiking cycle and some abatement of the severe weather conditions witnessed in early 2011,” he said.

"A sustained period of improvement is required for new home sales and a raft of other leading indicators before we can look ahead to healthy levels of residential building activity

“On-going interest rate stability in 2011 and renewed commitment from the Federal Government in next week’s budget to tackling the inequitably high cost of new housing would certainly be helpful.”

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
William Phillips on how agents can expand their database and grow their business

Get up close and personal with the best real estate sales agents in Australia in Secrets of the Top 100 Agents. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
upcoming events
REB Awards
Sydney The Event Centre 12 Sep
REB Awards
Sydney The Event Centre 12 Sep
Melbourne The Event Centre 14 Oct
Brisbane The Event Centre 18 Dec
View all events
Do you have an industry update?