Well, it’s early days, but the RBA campaign to lift new home sales hasn’t begun overly well. From the HIA:
A third consecutive fall in new home sales in September highlights the persistent lack of confidence towards housing in 2012, said the Housing Industry Association, the voice of Australia’s residential building industry.
The HIA New Home Sales report, a survey of Australia’s largest volume builders, showed a decline of 3.7 per cent in September 2012, reflecting a fall of 3.5 per cent in the persistently weak detached housing segment and a 4.2 per cent decline in the multi-unit market.
In September 2012 the number of seasonally adjusted new detached house sales fell by 1.6 per cent in New South Wales, 6.7 per cent in Victoria, and 3.5 per cent in Queensland. Detached house sales increased by 2.8 per cent in South Australia and were up by 3.1 per cent in Western Australia.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
