Business

New home sales collapsing

The HIA - JELD-WEN New Home Sales report, based on a survey of Australia’s 100 largest builders, showed a sharp decline of 9.4 per cent in total seasonally adjusted new home sales in March 2012.
The HIA - JELD-WEN New Home Sales report, based on a survey of Australia’s 100 largest builders, showed a sharp decline of 9.4 per cent in total seasonally adjusted new home sales in March 2012.

HOUSING Industry Association research shows new home sales fell to their lowest level in over a decade in March 2012,

HIA Chief Economist, Dr Harley Dale said the Reserve Bank of Australia needs to act boldly tomorrow and cut the official cash rate by 50 basis points.

"The Bank needs to send a clear signal that it is back on the case of assisting an economy that is clearly weaker than it anticipated in 2012," said Harley Dale.

"Leading housing indictators such as new home sales are pointing to on-going deterioration in already very weak new home building conditions," said Harley Dale.

"That situation is in turn having a major negative impact on manufacturing and services sectors.

"It is not too late to turn the situation around and prevent new housing from revisiting a GFC low.

"Interest rate cuts, while no panacea, can provide substantial assistance in restoring confidence and activity," noted Harley Dale.

"Needless to say Australia's banks need to pass all official rate cuts on in full. Their actions to date on interest rates have damaged economic confidence and activity," added Harley Dale.

The HIA - JELD-WEN New Home Sales report, based on a survey of Australia's 100 largest builders, showed a sharp decline of 9.4 per cent in total seasonally adjusted new home sales in March 2012.

Detached house sales dropped by 9.7 per cent while multi-unit sales fell by 6.9 per cent.

In March 2012 the number of seasonally adjusted new detached house sales fell by 9.7 per cent in New South Wales, 4.6 per cent in Victoria, 15.3 per cent in Queensland, 4.7 per cent in South Australia, and 12.0 per cent in Western Australia.

Topics:  banks cash rate hia home sales housing industry association interest rates property rba real estate



Shoppers hit Prince St over holiday period

Noel Smith of Low Pressure Surf Co in Prince St, Grafton. Photo JoJo Newby / The Daily Examiner

A fruitful holiday season for Grafton's main street.

The scary reality behind Australia's heatwaves

A new report found 2016 was the hotter year yet.

YOU think the weather is bad now? It could get a whole lot worse.

An emotional Mike Baird: 'There was great personal cost'

"After 10 years in public life, this moment for me has arrived."

Local Partners

Pool upgrades a positive for community

New facilities at the South Grafton Pool improve access for all members of the community was officially opened by the Minister for Disability Services


Puppetry of the Penis secrets revealed ahead of show

The famed Puppetry of the Penis is coming to the Sunshine Coast for shows in Noosa and Caloundra.

WARNING: This interview contains adult themes and traces of nuts

Artist program to link to gallery theme

VALUABLE STINT: Indigenous artist Karla Dickens at work in Grafton Regional Gallery's studio during her 2010 artist's residency.

Gallery encouraging indigenous artists to take up residency offer

See the historical heritage horses

OPEN DAY: Enjoy a day out learning or finding your next dream horse from the Guy Fawkes River National Park.

Guy Fawkes Heritage Horse Association Inc. open day.

Married At First Sight: Ipswich bachelor seeks love

READY FOR IT: Ipswich man Simon McQuillan will appear on the upcoming new season of Married At First Sight.

Romance would top off recovery for Booval man

Dinky-di Denyer: Family Feud favourite hosts Oz Day party

Grant Denyer will host Channel 10's Australia Day concert from the Sydney Opera House.

GRANT Denyer shares his Australia Day traditions ahead of concert.

Clarence full of golden grains of coastal goodness

Sand is fascinating if underrated.

Tribute to an undervalued natural resource

Scriven's self-taught guitar playing wins over audiences

Adam Scriven will play Yamb'a Pacific Hotel next Wednesday night.

Multi-instrumentalist's self-taught approach wins over fans

Chelsea Handler blames the Kardashians for Donald Trump win

Chelsea Handler pictured in a scene from her talk show in Los Angeles.

TALK show host blames rise of reality TV family for election result.

Law & Order’s Trump inspired episode is still in limbo

The cast of Law & Order: SVU season 18, from left, Kelli Giddish, Raul Esparza, Mariska Hargitay, Ice-T and Peter Scanavino. Supplied by Channel 10.

SHOW'S mastermind unsure if or when twice-delayed episode will air.

Thousands of jobs part of $1b retirement village project

THIS YEAR: An artist impression of the new Aveo retirement village in Springfield.

Aveo Springfield unveiled this month, homes ready by July

Rates safe from land value hike

DRIVING GROWTH: The Pacific Highway upgrade has been linked to improved land values.

Figures up in latest valuer-general report

KNIFE-EDGE: The housing tightrope we now face

Even the smallest interest rate rise will be hard for some to handle.

One if five home owners at risk, according to new analysis

Historical home leaves family's hands after 75 years

SALE CONFIRMED: The Gympie Regional   Realty team which sold the Ramsey property are (back) Mel Gastigar, Dorothy Palmer and Margaret Cochrane, with (front) home seller Terri-Jayne Ramsey.

Ramsey family played a huge role in Gympie's growth.

Pat Rafter's $18m Coast home proves hot property

PAT'S PAD: The Sunshine Beach home of tennis ace Pat rafter is on the market for a record price.

"It's a record for our company and for the Sunshine Coast.''

Ready to SELL your property?

Post Your Ad Here!