Australian new home sales flat in April: survey

10:51, May 30, 2011      

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Australian new home sales were flat in April, failing to fire at the start of the second quarter, a survey by the Housing Industry Association (HIA), Australia's largest residential building organization, revealed on Monday.

The latest HIA-JELD-WEN New Home Sales Report, a survey of Australia's major residential builders, showed that the number of new homes sold limped 0.2 percent higher in April 2011.

Detached house sales inched up by a 0.4 percent with increases in the states of New South Wales (NSW) and Victoria, while detached house sales fell in Queensland, South Australia and Western Australia.

The sale of multi-units posted a third consecutive decline, falling by two percent.

HIA Chief Economist Harley Dale said the new home building industry was struggling in 2011and small and medium sized enterprises were feeling the pain.

"The new home building industry is struggling under the weight of excessive taxation and regulation, a stalled housing supply reform process, and uncertainty over interest rates," Dale said.

"An industry kick-start is required together with a re-invigoration of the reform process."

The survey found that detached new house sales had increased by 7.8 percent in NSW and by 2.2 percent in Victoria. Sales fell by 1. 5 percent in Queensland and were down by 0.5 percent in South Australia and 10.3 per cent in Western Australia.

Source: Xinhua
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