Business

New home sales collapsing

The HIA - JELD-WEN New Home Sales report, based on a survey of Australia’s 100 largest builders, showed a sharp decline of 9.4 per cent in total seasonally adjusted new home sales in March 2012.
The HIA - JELD-WEN New Home Sales report, based on a survey of Australia’s 100 largest builders, showed a sharp decline of 9.4 per cent in total seasonally adjusted new home sales in March 2012.

HOUSING Industry Association research shows new home sales fell to their lowest level in over a decade in March 2012,

HIA Chief Economist, Dr Harley Dale said the Reserve Bank of Australia needs to act boldly tomorrow and cut the official cash rate by 50 basis points.

"The Bank needs to send a clear signal that it is back on the case of assisting an economy that is clearly weaker than it anticipated in 2012," said Harley Dale.

"Leading housing indictators such as new home sales are pointing to on-going deterioration in already very weak new home building conditions," said Harley Dale.

"That situation is in turn having a major negative impact on manufacturing and services sectors.

"It is not too late to turn the situation around and prevent new housing from revisiting a GFC low.

"Interest rate cuts, while no panacea, can provide substantial assistance in restoring confidence and activity," noted Harley Dale.

"Needless to say Australia's banks need to pass all official rate cuts on in full. Their actions to date on interest rates have damaged economic confidence and activity," added Harley Dale.

The HIA - JELD-WEN New Home Sales report, based on a survey of Australia's 100 largest builders, showed a sharp decline of 9.4 per cent in total seasonally adjusted new home sales in March 2012.

Detached house sales dropped by 9.7 per cent while multi-unit sales fell by 6.9 per cent.

In March 2012 the number of seasonally adjusted new detached house sales fell by 9.7 per cent in New South Wales, 4.6 per cent in Victoria, 15.3 per cent in Queensland, 4.7 per cent in South Australia, and 12.0 per cent in Western Australia.

Topics:  banks, cash rate, hia, home sales, housing industry association, interest rates, property, rba, real estate



Grove Juice Warwick plant expanding into the future

JUICE PLANT: Grove Juice is expanding further into the Axis Industrial Park.

Expansion means great news for the Warwick economy.

Team sport vital for Warwick kids

SPORTING SPIRIT: The recipient of a major volunteer award, Linda Bunch talks about the future of sport.

Linda Bunch talks about junior sport in Warwick.

Our region ranks highly for campers but can we get them to stay longer?

Caravanners and campers spending an average $152 a night in our region.

We are the second most popular spot for caravanners and campers in Q

Local Partners

9000 reasons to support our community clubs

Community clubs are good at what they do. They are not so good at telling the world about what they do, as Clubs Queensland CEO Doug Flockhart explains.


CMC Rocks faces fan backlash over date change, headliners

The 10th annual CMC Rocks festival will be headlined by The Dixie Chicks.

FANS are not happy about festival being pushed back by two weeks.

Kim Kardashian West attacked by man trying to kiss her bottom

Vitalii Sediuk targeted Gigi Hadid last week

Madonna poses naked in solidarity with Katy Perry

Madonna posted her own nude selfie on Instagram

Carlos Santana added to Bluesfest 2017 line up

Carlos Santana at Bluesfest 2013.

Calling all local black magic women

Disney to remake 'The Lion King', and it's live-action

The Lion King is coming back to movie theatres

And this time it's going to be live-action.

The Dixie Chicks to headline 2017 CMC Rocks festival

US country music group The Dixie Chicks.

ORGANISERS move festival dates to lock in US country music stars.

$40million hotel, shops development project for Mackay

Mt Pleasant hotel and retirement accommodation, proposed at 194-202 Malcomson St.

$40m development to take Mackay to 'the next level'

Rural properties expected to soar as investors seek income

Rural properties are should become highly sought after

Property 200m from ocean selling for just over $100K

BEACHCOMBER PARK: Work has started on a new $19.2 million development at Toogoom.

The estate's developer is offering huge discounts for early buyers.

UPDATE: Former rodeo champ's sale rained out, now back on

Larkhill local Ken Consiglio is having an auction of most of the things on his property.

'People kept showing up and we had to turn them away'

First stages of $25 million housing development underway

New development on Madsen Rd - The Springs.

The blocks of land are much bigger than usual

Couple build their own 'tiny house' for $45k

Holly Bowen and Oli Bucher built their "tiny house" themselves, only hiring a plumber and an electrician. Photo/supplied

The house, which is built on a trailer and can be towed.