31/08/2009 - 10:19

WA home sales fall as prices rise

31/08/2009 - 10:19

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Detached new home sales in Western Australia fell more than 3 per cent in July while home values in Perth climbed 2.5 per cent over the past seven months to $481,493, new figures show.

WA home sales fall as prices rise

Detached new home sales in Western Australia fell more than 3 per cent in July while home values in Perth climbed 2.5 per cent over the past seven months to $481,493, new figures show.

In the latest survey of Australia's largest builders, the Housing Industry Association said new homes sales across all mainland states varied in July with WA recording a 3.1 per cent fall, Victoria dropped 4.4 per cent and South Australian slumped 11.6 per cent.

Meantine, detached house sales increased by 9.8 per cent in New South Wales while Australia's other boom state Queensland enjoyed a 10.2 per cent surge.

Nationally, sales crept up 0.1 per cent, a smaller increase compared to the 0.5 per cent rise recorded in June.

HIA chief economist Harley Dale said new home sales have stabilised after a strong run on the back of the first home owners boost.

"Housing finance figures point to an emerging recovery in trade-up buyer and investor numbers, but looking beyond first time buyer related activity we're not as yet at a point where we can talk of a broad based recovery in private new home demand," he said.

"Throw into the mix approvals processes that are bogging down the recovery and a slow start to the Social Housing Initiative and we are looking at a moderate rather than strong lift in building starts through the second half of 2009."

Meantime, the latest RP Data-Rismark Home Value Index today showed Australian home values rose by 0.9 per cent in the month of July, bringing total capital growth in the first seven months of 2009 to 5.9 per cent.

Melbourne and Sydney home values led the charge with growth of 8.5 per cent to $454,524 and 6.6 per cent to $537,396, respectively, for the first seven months of the year.

Home values in Brisbane rose 3.8 per cent to $437,175 while Adelaide experienced a 1.9 per cent gain to $402,681.

Perth's median house value climbed 2.5 per cent over the past seven months to $481,493. The latest figure is a slight fall from the median house value recorded in June of $486,007.

Meantime, the median value of units in Perth dipped 1.65 per cent from $465,989 in June to $458,258 in July.

Since the start of 2009, the median unit values in Perth climbed 4.08 per cent.


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