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Home sales plummet

New home sales suffered their heaviest monthly decline in five years in June 2011, giving further weight to a rate hold in August.

According to the latest HIA Report, the number of new homes sold in June 2011 dropped by 8.7 per cent, the sharpest monthly decline since May 2006.

New home demand hit a wall in mid-2011 and today’s new home sales figures unfortunately confirm that situation.

The weakness in the new home sector is accelerating even with interest rates on hold.

Amidst the roller coaster of interest rate sentiment that has unnecessarily become the norm in 2011 the idea that an imminent rate hike is now unavoidable is misplaced & if the RBA does raise rates it will surely bite home owners hard.