House prices have fallen while new home sales have seen their weakest result in more than 10 years.
Figures from the Australian Bureau of Statistics indicate house prices across capital cities declined 1.2% over the September quarter, for a year-on-year drop of 2.2%. Declines were most pronounced in Brisbane, which saw prices fall 5.2% for the year, while Sydney and Hobart fell only marginally, down 0.3% for the year.
New home sales also took a hit for the quarter. The HIA - JELD-WEN New Home Sales Report has shown the number of new homes sold in September declined 3.5% for the month, and was down 14% for the quarter. The result put new home sales at their lowest monthly level since December 2000. Detached house sales fell 3.3% for September to be down 15.3% for the quarter. Unit sales fell 5.5%.
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