New home sales fall prompts call for action

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A third consecutive fall in new home sales has spurred the Housing Industry Association to call on the new government to take action.

The latest HIA-Jeld Wen New Home Sales Report revealed that the number of new homes sold fell by 7% in July 2010. Sales were down by 8% over the three months to July, to be 2% lower when compared to the same period in 2009.

The HIA is asking the government to adopt a three-point action plan: a new housing cost reduction program; a housing and development ministry; and recognition and support for small business.

“There needs to be a re-doubling of efforts to reduce the impact of regulation, development charging, and excessive taxation on the cost of new housing supply. This action needs to include considerable federal level engagement, without which Australia’s dwelling shortage will continue to increase, placing avoidable upward pressure on existing home prices and disadvantaging households seeking to purchase or rent a dwelling,” said HIA chief economist Harley Dale.

Detached house sales fell by 7.3% in July 2010, while sales in the multi-unit sector fell by 4.1%.

 

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