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Australian housing demand sinks despite rate cuts

Posted on 29 August 2012

The slump in Australian home construction deepened further in July, dashing expectations that aggressive interest rate cuts in the second quarter of this year would resurrect demand.
A survey of sales of new homes by the Housing Industry Association released Tuesday showed a 5.6% decline in July from June and an 11.6% slide on year. Sharp falls were recorded in both the detached housing segment, which fell 5.5%, and in apartment sales, which fell 6.4%………………………………………..Full Article: Source


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