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WA new home sales fall leads nation

Australian new home sales hit a 15-year low in August, with transactions for new dwellings in Western Australia dragging the nation down with a 9.4 per cent plunge.

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Perth
It beggars belief that most commentary on this issue is around interest rates. The underlying problem is affordability, no if's and's or but's. Land prices are still overpriced and developers are getting away with gouging the public, whilst making incredible profit margins. For example a cottage block 50+ks out of the city is $300,000+ It's time to push back on these greedy developers and Landcorp.

Mosman Park
I agree with Ivan, Perth house prices are very overpriced. I think there will be a major correction coming.

Perth
I agree with Steve on the stamp duty issue, this is the biggest elephant in the room that no-one is prepared to speak about, my understanding is that the Stamp Duty, literally would reduce to the cost of rubber stamping the titles when GST came in. However Succesive state governments have continued with the high level duty, in addition to re couping the GST. Current thinking and forecasts outside of the local market is that the housing is 40% overpriced and it is going to be a slow death akin to the Japanese market. Whilst a sharp dive would benefit the population better.

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