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Home Sales Drop

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Home sales drop

29aug05

AUSTRALIAN new house sales fell modestly in July, dragged down by weakness in the New South Wales and Victorian property markets.

A Housing Industry Association (HIA) report shows sales of new detached houses declined 0.6 per cent across the nation, after falling 3.1 per cent in June.

The HIA said there had been further weakness in NSW and Victoria. Sales fell 12.3 per cent in NSW and five per cent in Victoria as high land costs and a lack of urgency dominated those markets.

HIA chief economist Simon Tennent said the national result was still in line with the current orderly housing slowdown, but that in some regions like Sydney activity had stalled.

"To put it simply, there is more than enough evidence to show that the alarm bells are ringing in some cities and regions, while the rest of Australia enjoys the renewed confidence of buyers who haven't been priced out of the market, and investors taking advantage of tight rental markets and high rent returns," he said.

New home sales edged up in the lower priced states, rising by 7.5 per cent in Queensland, 17.4 per cent in South Australia and 10.5 per cent in Western Australia.

"Stable interest rates and impending tax cuts may inject some hope into these depressed markets, but this will by no means be the tonic that will turn the affordability equation around for thousands of families and individuals," said Mr Tennent.

Governments needed to tackle the duplication, inefficiency and regulation that are pricing young Australians out of the market, he said.

"Adequate land supplies must be available to support increases in population; infrastructure should be regarded as an investment, not a liability and planning systems reformed to avoid delay, reduce red tape and minimise cost," Mr Tennent said.

http://www.couriermail.news.com.au/common/...55E1702,00.html

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This is really good news. My brother sold his home about 4 months ago and he was gutted because he loved the place, but prices had dropped hard (about 10%) and stabilised, interest rates had risen and he thought that the market was just taking a summer break from further falls. Looks like he was right.

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Governments needed to tackle the duplication, inefficiency and regulation that are pricing young Australians out of the market, he said.

That's the problem. Duplication, inefficiency and regulation are the reason that houses are unaffordable. Here I was thinking it was the obscene asking prices :angry:

What planet do these people come from? :rolleyes:

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  • 339 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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