Property Sales Post Moderate Gains in August
Australians appear to be reluctant in acquiring new properties for now as a new industry survey showed mere moderate gains in the real estate sector in August, posting sales improvement of only 1.1 percent in the month.
According to the new Housing Industry Association (HIA) figures, sales of new properties nationwide jumped to 6497 units in August, coming from the record low of 6428 units recorded in the previous month.
That July homes sales data, HIA chief economist Harley Dale, represents the lowest level of property turnovers over the past 10 years, underscoring the current weak market dynamics that is ruling the struggling industry.
The soft property figures, Dale added, are reflective of the general sentiments about the overall economic conditions, which he said still reel from previous challenges and now face pressures from unsettling situations here and abroad.
"New housing conditions are very soft at present," Dale stressed as he reminds at the same time that the current property environment also offers great opportunity for those with enough cash to snatch a house or two.
"For those who are in a financially capable situation to build a home, now is a very good time to contemplate doing so," the HIA economist was reported by the Australian Associated Press (AAP) as saying.
Proving as a gainer in the month is the detached house segment, which according to the new HIA data registered sales surge of 1.5 percent in August though its quarterly performance actually dipped by 15 percent, Dale noted.
Much of the sales increase in the detached segment, Dale said, were concentrated in Victoria and Queensland, where detached house sales soared by three percent and 9.8 percent respectively in the month.
"August marked the first month of the Queensland government's building boost grant and this has clearly had a positive, if modest impact on sales," Dale told AAP.
Other segments, however, expectedly suffered sales declines in the same period, with multi-units posting sales retreat of 2.2 percent in August, according to HIA.