New home sales dangerously low: HIA

The Housing Industry Association says new home sales in Western Australia are at "dangerously" low monthly volumes, and finding an affordable detached house is similar to navigating a plane through a volcanic ash cloud.


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The two main reasons people are not buying and / or building houses is (1) the banks are making it extremely difficult for people to secure property loans; principally due to tightened lending policies; and (2) interest rates are 'not' low and we keep being told they are set to rise again shortly; despite most other countries in the world offering their folk rates less than half what we pay! For the HIA to say there is an 'inadequate supply of land' in WA is a joke - have they looked at the number of empty new apartments in Perth city lately? The notion of building upwards mitigates the need to clear land.

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