Sydney Morning Herald: New home sales rise nationwide, Victoria drags down
Sydney Today, April 4th, Australian Eastern Time. The sales of new homes across the country rose in February, while the Victorian real estate market continued to be sluggish, dragging its feet.
According to a survey conducted by the Housing Industry Association-Jeld Wen, new home sales nationwide increased by 2% in February, gradually picking up from the 3% decline in January. Although national sales are rising, Victoria has fallen by 1%. In contrast, NSW rose 7.3% in February.
Harley Dale., chief economist of HIA, said: “This is the continued downturn in new home sales in Victoria, while sales in other regions are rising.” Commentators expect Victoria’s construction and property purchases from 2008 to 2010. After rapid growth, now the next few months will be further depressed.
HIA pointed out that from December last year to February this year, Victoria’s new home sales fell by more than 12% compared to the beginning of the year. Dr Dale said that the slow growth of national sales in February indicates that the real recovery of the real estate market is wrong. "Just looking at the data for this month, we will find that the sales of new homes across the country return to a healthy level. lots of work."
Sales of detached houses increased by 2% in February, while sales of condominiums increased by 2.2%. HIA said that in other states, Western Australia House sales increased by 10.5% and Queensland increased by 12.8%. The real estate data was released before the Reserve Bank announced interest rates this week. The RBA's two interest rate cuts at the end of 3.5 did not have a substantial impact on the housing market because buyers are uncertain about the economic outlook. (Ivy)