first_imgSales of new houses in Queensland dropped sharply in July, according to HIA. Picture: Brendan Radke.It comes despite ABS data showing new house approvals in the state have actually risen in recent months, but the HIA believes the slowdown in sales suggests approvals will also cool over coming months. Richlister tries again to sell mansion ‘One of the best renovations I’ve seen’ More from newsMould, age, not enough to stop 17 bidders fighting for this home1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor1 hour ago How to buy at auction like a boss Nationally, new home sales fell 3.7 per cent in July to their lowest level since 2013, driven by a 15.7 per cent slide in multi-unit sales. A drop in new apartment sales contributed to new home sales slump. Picture: Mark Calleja.HIA principal economist Tim Reardon said a drop in new apartment sales had contributed to the continuing decline in new home sales nationally since they peaked in mid 2015.“The large drop in multi-unit sales this month is in contrast to strong sales volumes late in 2016 and early 2017,” he said.Sales of new detached houses in July fell by 0.4 per cent nationally to their lowest level since October 2014.Queensland saw the biggest fall in detached house sales during the month after South Australia.Victoria was the only state where new detached house sales grew.CommSec chief economist Craig James said the drop in new home sales was consistent with a slip, rather than a slump, in housing construction activity. “We continue to expect a ‘soft landing’ in new construction, sales and home prices.”Mr James said the Reserve Bank would be closely watching housing indicators in the coming months in the hope a soft landing was achieved. New home sales dropped nearly 4 per cent nationally in July, according to the HIA.SALES of new houses in Queensland fell off a cliff in July, contributing to an overall decline in new home sales nationally during the month. The Housing Industry Association’s (HIA) latest survey reveals the number of private detached house sales in the state plummeted 16.1 per cent in July and was more than 30 per cent lower than a year earlier.The HIA says the drop-off in new home sales in Queensland started nine months ago and is consistent with an overall housing slowdown across the country. last_img

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