This article is from the Australian Property Journal archive
NEW homes sales had a weak start in the new financial year, according to HIA.
HIA New Homes Sales report show total seasonally adjusted new home sales declined by 5.7% in the month of July and 3.5% over the three months to July.
The monthly decline was reflected in both detached house and multi-unit sales, the former falling by 4.7%, while the latter was down by 10.9%.
HIA chief economist Harley Dale said the 2013/14 fiscal year saw the recovery in new home sales gather strong momentum.
“The 2014/15 year, however, has started with confirmation of a downward trend emerging. Nevertheless, we still expect this year to record a reasonably healthy level of sales activity,” he added.
In the month of July 2014 detached house sales increased by 4.1% in South Australia and by 3.1% in New South Wales. Detached house sales fell by 9.3% in Victoria, 7.1% in Western Australia and 6.5% in Queensland. Over the three months to July 2014 detached house sales declined in each of the surveyed states, albeit to varying degrees. Sales fell by 5.4% in SA, 4.4% in WA, 3.6% in NSW, 2.3% in Victoria, and by 0.7% in Queensland.
Property Review
