Sales of new homes rose slightly in August following two consecutive falls, the Housing Industry Association (HIA) has recently announced.
The report which was a survey of Australia’s major residential builders, showed that the number of new homes sold in August 2011 edged up by 1.1 per cent in August following declines of 8 per cent in July and 8.7 per cent in June.
Detached house sales increased by 1.5 per cent in the month of August 2011, but were down by 15 per cent over the August quarter.
Sales of multi-units fell by 2.2 per cent in August.
HIA Chief Economist Dr Harley Dale remarked that the improvement in the volume of detached house sales in August reflected a bounce of 9.8 per cent in Queensland and a rise of 3 per cent in Victoria. “August marked the first month of the Queensland Government’s Building Boost Grant and this has clearly had a positive, if modest impact on sales”, Dale added.
Detached house sales fell in the remaining three mainland states, dropping by 5.8 per cent in New South Wales, 4.7 per cent in South Australia, and 0.7 per cent in Western Australia.
Source: Your Property Investment Magazine www.yip.com.au