Property sales recover slightly in April
Article by Mozo
The last few months have been very tricky for the Australian housing market, but new figures show there was a "modest" recovery in April 2012.
According to the Housing Industry Association (HIA), sales of detached dwellings and multi-units increased throughout the month.
Overall, there was a 6.9 per cent rise in the number of new properties being snapped up, the report revealed.
Many people have been reluctant or unable to secure a home loan because of the shaky economic climate, as lenders have had to be more selective when dishing out credit.
Despite the upturn last month, HIA chief economist Dr Harley Dale said the outlook for the housing industry is still pretty bleak.
"That's an unfortunate fact which everybody needs to face and which requires further interest rate cuts and immediate government action," he remarked.
The Reserve Bank of Australia cut the cash rate by 50 points to 3.75 per cent at the start of May and Mr Dale has urged the institution to make another reduction on June 5th.
Have a question about home loans? Ask the money gurus at Mozo Answers.