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Australian residential land sales slumped in the third quarter, signaling a “rocky road” for a recovery in home building, the Housing Industry Association said.
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Brisbane may have increased home sales and construction this year once the cleanup of Australia’s third-biggest city begins after the worst floods since 1974, economists at Citigroup Inc. and JPMorgan Chase & Co. said.
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Australian sales of newly built homes dropped to the second-lowest level on record in July, undermining the central bank’s view that interest-rate cuts were helping stabilize the housing market.
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Australian sales of newly built homes declined for a third straight month in September, underscoring the central bank’s decision to resume lowering interest rates.
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Australian sales of newly built homes slumped to the lowest level on record in August, a private report showed, underscoring the central bank’s decision to resume lowering interest rates.
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Australian bank lending rose in May for a sixth month and house prices gained, a sign the nation’s housing market is weathering higher central bank interest rates.
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Australian sales of newly built dwellings declined 0.6 percent in December, the second monthly drop, the Canberra-based Housing Industry Association said in a report released today.
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For the first time in three years, Australia’s interest-rate swaps indicate investors are concerned Reserve Bank Governor Glenn Stevens may raise borrowing costs earlier than is needed to curb inflation.
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Australia’s construction industry held near an eight-month low in June as interest-rate reductions failed to stem a slide in apartment building, a private gauge showed.
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Australian new-home sales dropped in March to a record low, the Housing Industry Association said in a report that urged the central bank to cut interest rates by half a percentage point when it meets tomorrow.
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