“Australian sales of newly built homes slumped to the lowest level on record in August, a private report showed, underscoring the central bank’s decision to resume lowering interest rates.
Sales decreased 5.3 percent to 5,383 from July, when they dropped 5.6 percent, the Canberra-based Housing Industry Association said, citing a survey of the nation’s largest builders. Detached house sales fell 5.8 percent, while apartments slipped 2.5 percent, it showed.
“New home sales for August are the latest in a string of soft new housing updates for this financial year,” Harley Dale, HIA chief economist, said in a statement. “A fresh round of interest rate cuts will help rebalance this situation, although financial institutions obviously need to play their role in cementing this outcome.”
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