New home sales rose moderately in June but failed to alter what was an overall weak first half of 2008.
New home and unit sales rose four per cent in June, HIA’s New Home Sales Report reported today. However over the six months to June they managed to only increase by 0.4 per cent.
“There has been a marked loss of momentum in new home building over 2008 to date,” said Harley Dale, HIA’s chief economist.
“The increasingly challenging economic environment in 2008 ups the ante on the urgency required from all levels of government to invest in measures to boost the supply of affordable housing,” Mr Dale said.
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