Bloomberg News

Australian New-Home Sales Fell 4.9% in December From Prior Month

January 31, 2012

Feb. 1 (Bloomberg) -- Australian sales of newly built homes dropped 4.9 percent in December from a month earlier, the Canberra-based Housing Industry Association said.

Detached house sales fell 7.7 percent, while apartments surged by 29.4 percent, HIA said in a report today.

“The intensification of bad news regarding Europe, question marks over labor market prospects in Australia, and avoidable delay and uncertainty as to whether banks were going to pass on the Reserve Bank’s second rate cut conspired to drive a fall in new housing contracts as the holiday season approached,” Harley Dale, HIA chief economist, said in a statement.

--Editor: Brendan Murray

To contact the reporter on this story: Michael Heath in Sydney at mheath1@bloomberg.net

To contact the editor responsible for this story: Brendan Murray at brmurray@bloomberg.net


Cash Is for Losers
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus