New homes sales hit 27 month low

  • Sales of news homes fell by 8.5 per cent in October to their lowest point since July 2014, according to seasonally adjusted figures from the Housing Industry Association on Tuesday.

HIA senior economist Shane Garrett says the figures are not surprising, with the industry heading into a sharp reduction in building volumes over the next couple of years following the ‘longest and strongest’ surge on record.

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A fall in sales of new homes to a 27-month low is part of a decline that will cut home building by 25 per cent over the coming three year

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