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New home sales recovery on horizon

Staff Reporter 2 minute read

New home sales continued to decline in September however the downward cycle should soon bottom out according to the HIA.

The sales of new homes fell 1.8 per cent in September, the sixth decline in the past nine months, HIA data showed today.

State by state however sales varied widely, with Western Australia recording a rise in new home sales of 19.5 per cent. In contrast Queensland, South Australia and Victoria all saw declines of 10.6, 9.7 and 9.2 per cent respectively.

New South Wales saw an encouraging increase of 4.6 per cent.

Harley Dale, HIA chief economist, said the easing of monetary policy and government incentives provided scope for a modest recovery in the first half of 2009.

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“There is cause for optimism that the worst may be behind us. With interest rates on the move down and a tripling of the First Home Owners Grant for new dwellings, we would expect to see a bottoming out in leading housing indicators over the December 2008 quarter,” he said.

Published: 31-10-08

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