From the HIA:
New home sales crept up by 0.7 per cent in May 2012, suggesting interest rate cuts are yet to have a widespread impact, said the Housing Industry Association, the voice of Australia’s residential building industry.
…In May 2012 the number of seasonally adjusted new detached house sales increased by 3.9 per cent in Victoria. Detached house sales fell by 6.3 per cent in Queensland and were down by 5.5 per cent in New South Wales, 4.7 per cent in Western Australia, and 1.5 per cent in South Australia.
Another poor result, especially when you consider as well that Victoria is pulling its first home buyer grant at the end of this month. That boosted sales last month by 17% in the state but not much more this and sales are still languishing well below historic averages.
I really can’t see a turnaround in sales anywhere until established prices stabilise.
