Home sales fall sharply in June, lowest since 2013

Home sales fall sharply in June, lowest since 2013

Sales of new homes fell sharply in June to the lowest since 2013, though conditions were markedly different across states, an industry survey showed on Monday.  The Housing Industry Association (HIA) said its survey of large-volume builders showed new home sales fell a seasonally adjusted 6.9 percent in June, from May, reversing two months of gains.  Expecting the global equities market to cool down, AustralianSuper CEO Ian Silk said his fund is looking to invest more money in US infrastructure.

 

Sales of detached houses fell 5.7 per cent, while apartment sales dropped 10.7 per cent.  Total sales in June were down 11.9 per cent on the same month last year.  HIA said the survey captured 9 per cent of Australia’s new home building sector.  The survey came as home prices fell in most of Australia’s major capital cities in the past week, with Adelaide the exception, according to property statistics firm CoreLogic.

Adelaide’s home prices rose 0.3 per cent in the week ending July 30, while prices fell 0.3 per cent in Sydney, 0.1 per cent in Melbourne, 0.7 per cent in Brisbane and 0.2 per cent in Perth.  Auction clearance rates across the five cities during the week was 70.7 per cent, up slightly from the prior week’s 69.9 per cent clearance rate.

 

Article Source – www.smh.com.au