The Housing Industry Association’s (HIA) monthly survey of Australia’s largest home builders indicates that new home sales dropped to a two year low during October. HIA announced that new home sales fell 8.5% for the month on the lowest volume since July of 2014.
Further details showed that sales on both sides of the market saw sizeable declines with detached house sales down 8.2%, while multi-unit sales fell by 9.2%.
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This sharp decline in new homes sales will likely temper recent calls for the RBA to maintain a neutral interest rate bias.
