New Home Sales Rebound in January
The Housing Industry Association’s (HIA’s) New Home Sales report, a survey of Australia’s large volume residential builders, rebounded by 9.5 per cent in January 2010.
Unit Approvals Dive
The Housing Industry Association, Australia’s largest building industry organisation, said that building approvals fell by 7 per cent in January 2010. The much needed housing recovery hit a snag at the start of the new year with a 29.1 per cent drop off in private sector units and semi-detached “Other dwelling” approvals. This result was heavily influenced by a halving of unit approvals in Victoria.
Rate Hike Hits First Home Buyers
“The Reserve Bank of Australia has now hiked interest rates four times in five meetings pushing up standard monthly mortgage repayments for first home buyers by $216 per month,” said Ben Phillips, HIA Senior Economist.
End of Boost Dents Approvals Growth
A fall in dwelling approvals in January marks the end of the Government’s First Home Owner ‘boost’ scheme, according to Master Builders Australia, the peak body for the building and construction industry.
RBA's Risky Strategy for Building Industry
Australia’s peak building and construction industry association, Master Builders Australia, warned of risks to the building and construction industry arising from today’s decision by the Reserve Bank of Australia to raise the official cash rate by a further one quarter of a percentage point, the fourth increase in six months after rates bottomed at 3 per cent in April 2009.
RBA strategy risky for building industry: Master Builders
Australia's peak building and construction industry association, Master Builders Australia, warned of risks to the building and construction industry arising from Tuesday's decision by the Reserve Bank of Australia to raise the official cash rate by a further one quarter of a percentage point, the fourth increase in six months after rates bottomed at 3 per cent in April 2009.
Building approvals low on lack of stimulus: economists
Building approvals posted their first fall in five months in January as the winding back of the enhanced first home buyers grant and rising interest rates scared away prospective buyers.
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