February's New Home Sales Drop 5.2%

Online, April 5, 2010 (Newswire.com) - Even last January the new houses for sale has been stated their 9.5% increase, however it fell down and decreased by 5.2% last February. According to the news, this is because of the land shortage and delays on some development. This figure of decreased has been released from the data of the Housing Industry Association. The Association's new home sales data publicized a 4.7% turn down in sales of detached new homes, following a 10.1% rise in January. In addition to this crisis are the homes for sale in Australia and multi-unit sector dropped by 9.4%, following a 4.1% rise.

"Detached new home sales fell by nine per cent in New South Wales and were down by 5.8% in Queensland, 7.9% in South Australia, and 5.1% in Western Australia, sales increased by 16.1% in Victoria," the report said.

The chief economist Harley Dale said the construction is still strong activity because of the increase in rate last year however he added that it might don't last. Because of the land shortages along with planning delays and levels of taxation and regulation, are the issues on the fell down regarding the new houses for sale.

Perth-based ISP iiNet has broadcasted a trading halt this morning, "pending the release of information in respect of a material acquisition". This has ben released after the announcement last March with Melbourne ISP Netspace regarding a possible transaction with the predictions of purchase price of between $60-75 million.