New home sales were up 0.8% in the June quarter. It was the first quarterly improvement since the December quarter in 2017, according to a report from the Housing Industry Association (HIA).
The small improvement in sales during the June quarter suggested that the decline in new home sales was starting to ease, said HIA chief economist Tim Reardon.
There was also a benefit to the building industry downturn, according to Reardon.
“The upside of the current building industry downturn is that activity levels have synchronised across the east and west coasts – and within each state – making it easier for policymakers to coordinate policy settings,” said Reardon.
Two interest-rate cuts, a tax cut, and repeal of regulatory restrictions would also encourage increased activity in the home building market, according to Reardon.
“These measures, combined with ongoing stable population and employment growth should see new home sales improve toward the end of the year,” said Reardon.
Top Suburbs :
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 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 an appointment is free.
We value your privacy and treat all your information seriously - you can check out