New home sales down

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The number of new homes sold in Australia took another dive in July, according to the latest HIA - JELD-WEN New Home Sales Report.

Having already taken an 8.7% hit in June, new home sales dropped by 8% in July, says the report. Detached house sales fell by 9%, while multi-unit sales saw a slight 1% increase.

The good news, says HIA chief economist Harley Dale, is that new home buyers have the upper hand in today’s market.

“A competitive building market, less pressure on skilled trades, and steady interest rates combine to mean that if you're in a financially sound position to do so, now is a particularly good time to build a new home,” he said.

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