New home sales pick up Down Under

Despite a slight lift in the new homes sector of the Australian real estate business during April industry experts warn of tougher times ahead unless authorities step in to resolve planning issues. New home developers experienced a lack of sales activity during the first quarter of 2012 and while interest increased during last month the industry needs government intervention to stop the slide back into recessionary levels. The Housing Industry Association – supports the workforce of the country’s residential building industry – feel that the government needs to review the tax rules applied to the industry and reduce costs to encourage new developments that are urgently needed not only to provide housing for future generations but also to boost employment numbers throughout the industry and associated businesses. Australian property owners agree that further interest rate cuts are needed from the Reserve Bank and these need to be passed on in full by lenders to facilitate recovery across all sectors of the Australian real estate markets.