Full-year private home sales plunged to lowest level since the GFC in 2014

Only 7,378 units were sold.

The private residential property market crashed to a new low in 2014, Data from Colliers showed that developers sold only 7,738 unit in 2014, marking the lowest level of primary market sales volume since the Global Financial Crisis in 2008 during which 4,264 new homes were sold.

New home launches also fell to its lowest level since the GFC. Developers launched 7,693 new units, the fewest since the 6,107 units launched in 2008.

On a year-on-year basis, annual launch and sales volume were halved from the 15,885 units launched and 14,948 units sold in 2013.

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