Australia’s new home sales rise
July 30th, 2012 - 3:04 pm ICT by IANSSydney, July 30 (IANS) New home sales in Australia rose for a second consecutive month in June, an association said Monday.
The Housing Industry Association (HIA) New Home Sales report showed a 2.8 percent rise in June, reported Xinhua.
The report found that national detached house sales increased by 0.7 percent in June following a decline of 2.0 percent in May.
However, multi-unit sales in June jumped 15.7 percent.
HIA chief economist Harley Dale said it was encouraging to see a second month of growth in new home sales across Australia.
“It is, however, a stark reminder of how much catching up is left in the multi-unit sector when a lift of this magnitude still leaves sales volumes 36 percent below their 10-year average,” Dale said in a statement.
He said lower interest rates would assist new housing in the financial year of 2013, but the gap between the cash rate and variable mortgage rates would reduce their positive impact.
“Investment and reform from governments is the key ingredient to lifting the new housing sector substantially above the recessionary levels of 2012,” Dale said.
- Australia's new home sales fall - Aug 28, 2012
- Canada to have slower growth in housing market - Aug 15, 2012
- Melbourne is Australia's least affordable city - Nov 24, 2010
- US stocks mixed after downbeat housing data (Lead) - Mar 22, 2012
- Mortgage rates hit a low of 4.15% - Aug 23, 2011
- Australian construction industry in doldrums - Aug 07, 2012
- US new home sales down - Jul 26, 2012
- US mortgage applications down despite record low rates - Apr 26, 2012
- US banks see moderate economic growth with risks - Jun 09, 2012
- US housing market ready to rebound - Jul 19, 2012
- Wall Street mixed amid European concern (Lead) - Jan 12, 2012
- Edelweiss forays into Bangalore to finance housing - Jun 27, 2011
- US mortgage applications drop - Feb 16, 2012
- Slight fall in US house prices - Feb 24, 2012
- US stocks open slightly higher - Mar 21, 2012
Tags: australia, chief economist, decline, detached house, gap, governments, harley, hia, home sales report, house sales, housing industry association, impact investment, interest rates, magnitude, mortgage rates, second consecutive month, stark reminder, sydney, variable mortgage, xinhua