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Article: Demand for new homes falls, for now.
- Article from:
- Australasian Business Intelligence
- Article date:
- August 29, 2002
CopyrightCOPYRIGHT 2002 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Aug 29, 2002 (The Australian Financial Review - ABIX via COMTEX)
The Australian Government's first-home owners' grant in 2001 fuelled the property boom. Early in 2002, it was pulled back from $A10,000 to $A7,000 for new dwellings, and the market for new houses did begin to slow. Some experts believed that it had revved up "artificial demand", especially in the outer suburbs of big cities. Many developers have noted that there have been fewer inquiries, as of August 2002, but sales have "held up better than expected". The Housing Industry Association believes that new housing construction will ease off in the latter part of 2002. However, there is strong ...