Australia's new home sales fall in 4th straight month in August

10:42, September 29, 2010      

Email | Print | Subscribe | Comments | Forum 

The sales of new homes in Australia fell by 2.6 percent to 6,887 in August, the Housing Industry Association (HIA) said in a statement on Wednesday.

The fall followed a 7.1 percent drop in July and brought the decline since April to 19.7 percent.

Sales in August were 20.5 percent below the level recorded a year earlier in August 2009 and at their lowest point since December 2008.

Sales of new homes have fallen for the fourth month in a row, prompted the Australia's peak housing construction organization, HIA, to warn of the risk to the industry if interest rates are pushed up too soon.

HIA chief economist Harley Dale said earlier that interest rate increases and the unwinding of fiscal stimulus measures had quelled demand for new housing.

"An array of leading housing indicators, including new home sales, is signaling a fall in housing starts in 2011, even if interest rates remain steady," Dale said.

"A premature hiking of interest rates would exacerbate the impending decline in new home building," he said.

Source: Xinhua


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion