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New home sales flat and likely to remain so

Staff Reporter 1 minute read

New home sales recorded a 0.1 per cent rise in April, Housing Institute of Australia (HIA) figures revealed today.

Detached house sales eased by 0.2 per cent while multi-unit sales increased by a moderate 2.4 per cent.

Harley Dale, HIA chief economist, said the weak result for April would be indicative of months to come.

“The new home building sector was hit extremely hard in the March 2008 quarter as higher interest rate, fuel and food bills made a further sizeable dent in housing affordability,” he said.

“The subsequent flat outcome for new home sales in April provides the first evidence that these negative forces will remain in play throughout the June quarter as well,” Mr Dale said.

Published: 03-06-08

New home sales flat and likely to remain so
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