First home buyers grants not boosting sales
The Federal Government's tripling of the first homebuyers grant for new homes has done little to boost housing sales. Purchases of new homes fell 1.1 per cent in November according to figures from the Australian Bureau of Statistics. A big five per cent fall in sales of multi-unit developments is expected to keep upward pressure on rents.
Other retail sales figures were also weak. The annual growth in sales has fallen to 2 per cent, down from 8 per cent one year ago. Sales in NSW have been contracting for ten months in a row.
Source: Sydney Morning Herald