New Incentives Required to Boost Activity
The Housing Industry Association survey of the largest 100 residential builders in Australia found that new home sales in November 2008 declined by 1.1 per cent.
ABS Confirm HIA's Concerns
The ABS has confirmed that residential dwelling approvals dropped by 12.8 per cent in November 2008 to levels not seen since the introduction of the GST. Worst affected was the multi-unit sector where approvals fell by nearly 20 per cent. Detached housing approvals dropped by 10 per cent in November.
Slump in home approvals requires further rate cut
The further sharp fall in dwelling approvals in November indicates that the aggressive rate cuts by the Reserve Bank did not have an immediate impact in kick starting a housing recovery, according to Master Builders Australia, the peak body for the building and construction industry.
Softer ME construction market set to hamper Leighton
Leighton Holdings Ltd's latest profit guidance may be at risk because of the slowing Australian resources sector and Middle Eastern construction market, analysts say.
Number of building approvals are at an 8-yr low in Nov
The number of building approvals plummeted to their lowest levels in almost eight years in November, as still high interest rates and a slowing economy kept buyers on the sidelines, economists say.
ABS building data underscore the need for big rate cut
Unexpectedly severe weakness in the building sector underscores the need for another big interest rate cut as soon as the RBA can manage it.
New stimulus is needed to lift building activity-says HIA
The sales of new homes fell in November as the economic downturn and tighter access of credit took hold, a survey shows.
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