Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

New home sales decline again

Staff Reporter 4 minute read

New home sales, including houses and units, fell 1.3 per cent for the month of December, the Housing Institute of Australia (HIA) yesterday revealed.

The institute attributed higher interest rates and pressure on home prices to the decline. A 2.9 per cent drop in the sale of detached houses outweighed a 5.1 per cent rise in apartment sales.

Overall new home sales declined by 0.3 per cent in 2007 over the previous year – the fourth weak year in a row.

Chief economist of the HIA Harley Dale warned that the new home building sector is now in danger of a fifth weak year given the current upward pressure on interest rates.

Advertisement
Advertisement

He also expressed the need for an additional 20,000 dwellings per year to meet the current demand for housing.

“Another year where there is no catch up made in the yawning gap between housing supply and demand will only serve to extend the existing problems of very tight rental markets and deteriorating housing affordability,” Mr Dale said.

Published: 01-02-08

New home sales decline again
default
TheAdviser logo

If you have ever considered how you could better service your SME clients but lack the knowledge or confidence to do this beyond referring them on, this is a must-attend event for you. Don't miss SME Broker Bootcamp, a jam-packed, free-to-attend, practical workshop. Register today and secure your place at this interactive, flexible, must-attend event.

PROMOTED CONTENT


default

 

more from the adviser
Finsure rebrand

Breaking News

Finsure sale clears regulatory approval

APRA has given the green light to BNK offloading its mortgage agg...

house sold

Breaking News

Hot Property: The biggest property headlines from the week 17-21 January

The weekly round-up of the biggest news stories from across Momen...

mortgage growth

Breaking News

AFG broker lodgements hit new record

Brokers aggregating under the group wrote a record $92 billion of...