Australia’s new home sales decreased in September as sales of both detached and non-detached houses fell, figures from the Housing Industry Association showed Thursday.
Total new home sales dropped 4.0 percent month-over-month in September, with the level of activity down from the April peak by 5.2 per cent.
“A fresh record level of building activity during this financial year could have been achieved – and could have been of strong benefit to the broader domestic economy – but increasingly restrictive credit conditions are likely to curtail the boom in new home building,” said HIA economist, Diwa Hopkins.
“The deterioration in credit conditions is likely to weigh more heavily on new home building activity beyond 2015/16. We have therefore pared back our forecasts for activity over our forecast horizon beyond the end of the current financial year.”
The material has been provided by InstaForex Company – www.instaforex.com