Australia's building market looks gloomy
HIA Chief Economist, Dr Harley Dale said an April lift in new home sales of both detached houses and multi-units was an imperative result. “Even with this latest improvement, the aggregate volume of both new home sales and local government building approvals imply that in the absence of a rapid and sustained recovery, national new home building is heading to a recessionary level in 2012,” said Harley Dale. “That’s an unfortunate fact which everybody needs to face and which requires further interest rate cuts and immediate government action,” Harley Dale said. “We keep hearing that Australia is one of the world’s strongest economies in aggregate. That’s a redundant concept if people on the ground aren’t feeling and experiencing that, and they haven’t been for quite some time.” The HIA - JELD-WEN New Home Sales report, based on a survey of Australia’s 100 largest builders, showed a rise of 6.9 per cent in total seasonally adjusted new home sales in April 2012. Detached house sales rose by 6.4 per cent while multi-unit sales were up by 10.3 per cent. In April 2012 the number of seasonally adjusted new detached house sales increased by 17.2 per cent in Victoria ahead of the removal of the First Home Bonus. Detached house sales also increased in Western Australia (by 9.8 per cent) and New South Wales (by 1.8 per cent). Detached house sales fell by 5.9 per cent in South Australia and by 5.5 per cent in Queensland. | ||
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