This article is from the Australian Property Journal archive
New home sales are 12% lower in the 2007 financial year after falling 0.8% in June, according to the latest HIA New Home Sales figures.
According to the HIA, sales fell back to a level of 8,321 dwellings for June.
HIA’s chief economist Harley Dale said that the sale of multi-units dropped by 20.1% in June, cancelling out the improvement over the previous two months.
Private new detached house sales increased by 2.3% following a 6.9% decline in May.
“New home sales is the first financial year update for new housing in Australia and shows a considerable weakening in conditions over 2006/07.
“This update is a telling indictment of the impact record low housing affordability is having on the home building industry,” Dale concluded.
Australian Property Journal
