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New home sales plummet in Feb

Staff Reporter 4 minute read

By: Belinda Luc

Despite a promising start to the year, new home sales dipped by 5.2 per cent last month, according to the Housing Industry Association (HIA).

The HIA’s New Home Sales report revealed that private sector detached house sales fell by 4.7 per cent in February 2010, while multi-unit sales declined by 9.4 per cent.

Detached new home sales fell by 9 per cent in New South Wales and were down by 5.8 per cent in Queensland, 7.9 per cent in South Australia, and 5.1 per cent in Western Australia.

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Victoria was the only state to see an increase in sales over the month, growing 16.1 per cent.

HIA chief economist Dr Harley Dale said that the success of the monetary and fiscal policy stimulus of last year will soon start to fade.

“Land and labour shortages, frustrating planning delays, and the inequitable level of taxation and regulation on new housing are all deterrents to households entering the new home market as opposed to existing property,” Dr Dale said.

“In terms of the entire new home building market we also need to see urgent rectification of the unjustifiably low level of finance being extended to small residential developers,” he said.

New home sales plummet in Feb
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