Australia's New Housing Market still going Strong

Despite new home sales in the US dropping to their slowest pace on record last month, Australian sales have reported a boost in the June quarter.

The Associated Press reported new home sales in the US had fallen by12.4 per cent in July from the previous month, recording the slowest pace on record dating back to 1963.

The Commerce Department said “the past three months have been the worst on record for new home sales.”

This has caused many builders to scale back on construction costs adding more problems to the already high unemployment levels.

However, the Housing Industry Association -- the voice of Australia’s residential building industry -- has reported new housing expenditure in Australia rose by 12.5 per cent in the June quarter of 2010 to be 8.3 per cent higher than 12 months ago.

Such a result is fantastic news for the Australian building and construction industry.

With so many new house and land packages to choose from in this current market it’s no wonder Australia’s new housing market is still going strong.

September 2010