New home sale declines led by Vic

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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.

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