New home sale declines led by Vic

By |

Victoria is proving to be a drag on already weak housing sales numbers, according to a recently released report.

The HIA - JELD-WEN New Home Sales report has shown a 7.3% seasonally adjusted decline in new home sales for January 2012.

HIA chief economist Harley Dale said weak numbers across the nation were exacerbated by a sharp 19.6% decline in sales in Victoria. He commented that the fall puts Victoria in a position to which the state has been unaccustomed.

"Victoria for a long time propped up new home building in Australia and now the reverse is occurring. New home sales, along with other leading housing indicators, are showing that other large markets in Australia are not filling the void in 2011/12," Dale said.

The HIA called on federal and state governments to implement tax reform in the home building sector, arguing it would "embolden" households to build.

"It's a no-brainer," Dale claimed.

How are declining new home sale numbers affeting the property market? Join the debate on our property investment forum.

More stories:

Hot competition for rentals in Vic regions

Rate drops unlikely til May as RBA sees no US-style crash

Tomorrow’s boom suburbs to be revealed at investor forum

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Top Suburbs : greenwood , bendigo , mortdale , west rockhampton , tiwi

go back

Get help with your investment property

Do you need help finding the right loan for your investment?

When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here