NSW and WA lead nationwide drop in new house sales

New South Wales and Western Australia have led a second consecutive month of declining new detached home sales in July. 

Detached new house sales fell by 11.2% in NSW while Western Australia suffered a 12.7% drop, according to the July HIA - JELD-WEN survey of residential builders. 

Across the nation, new homes sold in July dropped by 8% following a decline of 8.7% in June. Sales of units increased by 1%.

Detached new house sales fell by 7.8% in Victoria, 8.5% in Queensland and by 1.5% in South Australia.

“The July sales result reinforces the marked deterioration in new home building conditions that is so glaring in mid-2011,” says HIA chief economist Dr Harley Dale.

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

“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.” 

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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