15-year low for new home sales

Port Douglas & Mossman Gazette - - HOT PROPERTY -

NEW home sales hit a 15-year low in Au­gust, adding weight to the calls for the ma­jor banks to pass on the Re­serve Bank of Aus­tralia’s lat­est rate cut. New home sales dropped 5.3 per cent to 5,383 in Au­gust from 5682 in July to reach their low­est point since 1997, the Hous­ing In­dus­try As­so­ci­a­tion (HIA) said this week. Over­all, de­tached hous­ing sales fell 5.8 per cent in the month, and multi-unit sales fell 2.5 per cent. Con­tin­ued weak­ness in home sales in­di­cated yes­ter­day’s rate cut by the Re­serve Bank came not a mo­ment too soon, HIA chief econ­o­mist Harley Dale said. “New home sales for Au­gust are the lat­est in a string of soft new hous­ing up­dates for this fi­nan­cial year, and that fol­lows a very weak year for new home build­ing in 2011/12,” he said.

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