Retail giant thanks property market activity for massive sales

By Your Mortgage
The boosts in Australia’s property market and its low interest rates have been beneficial for both homebuyers and businesses alike, including retailer Harvey Norman.
 
Harvey Norman has reported a net profit after tax and non-controlling interests of $142m for the six months to December 31, jumping to 27.4%.
 
Chairman Gerry Harvey admitted his company performed well thanks to higher consumer confidence in both retails and dwellings.
 
"In Australia, our stores are benefiting from improved consumer confidence on the back of strong equity market and strong growth in the housing market," he said.
 
"Against the backdrop of a strong residential property market, growth this half was weighted towards homemaker categories."
 
"The housing market in Australia is likely to remain strong, supported by record low interest rates and major infrastructure investment in NSW," Harvey said.