Australia's December new-home sales drop 4.9%
31 January 2012
, by Enda Curran - Sydney (MarketWatch)http://www.marketwatch.com/story/australias-december-new-home-sales-drop-49-2012-01-31New home sales in Australia fell 4.9% in December, according to the Housing Industry Association, drawing on a survey of the country's 100 biggest builders
Uncertainty over lenders passing on any official rate cut, Europe's continuing woes and some signs of softness in the local jobs market all acted as a brake on new homes demand.
"Short term monetary and fiscal policy stimulus together with a revitalised program of longer term structural reform is required in early 2012," said Harley Dale, chief economist at the Housing Industry Association.