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The Housing Industry Association says it is a big turnaround from October when sales rose by 3 per cent.
The association's chief executive, Chris Lamont, says it is a disappointing result given hopes that the increased first home owners grant and lower interest rates would boost activity.
He says multi-unit sales followed up an 8.6 per cent decline in October with even further falls in November.
"Particularly the news was bad for the multi-unit sector, which recorded a drop of just under 5.3 per cent," he said.
"So that's bad news for investment in the sector and it's also bad news for those seeking rental accommodation in 2009 and into 2010."
By ABC Australia
Posted January 7th, 2009 by Armen Hareyan
