Housing Industry Association data HIA Senior Economist Shane Garrett
- «The decline in new home sales which commenced in 2015 has continued with a 6.1 per cent reduction during September 2017»
- «The decline in home sales over the past 18 months reflects the slowing in output across the economy and is a guide to short term activity in the residential building industry»
- «New home sales is a leading indicator of approvals data and shows that building activity peaked in March 2016 following the longest ever upturn in new home building.
- This process of adjustment will involve a sizeable reduction in building activity on the ground. We expect that activity will bottom out sometime in 2019 with a recovery then setting in — assuming the economy reverts to its long-term average growth rate of around 3 per cent»