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New home sales fall in July
Released 31 August 2011

New home sales suffered a sharp decline for a second consecutive month in July 2011 according to the Housing Industry Association (HIA).    

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 in July 2011 dropped by 8 per cent following a decline of 8.7 per cent in June.

Detached house sales fell by 9 per cent in the month of July 2011 while sales of multi-units increased by 1 per cent.

HIA Chief Economist, Dr Harley Dale, said the July sales result reinforces the marked deterioration in new home building conditions that is so glaring in mid-2011.

“The weak environment is actually good news for new home buyers,” he said.

“A competitive building market, less pressure on skilled trades, and steady interest rates combine to mean that if you're in a financially sound position to do so, now is a particularly good time to build a new home.”

In July 2011 the HIA – JELD-WEN New Home Sales Report found that detached new house sales fell by 11.2 per cent in New South Wales, 7.8 per cent in Victoria, 8.5 per cent in Queensland, 1.5 per cent in South Australia, and 12.7 per cent in Western Australia.