Australia — HIA New Home Sales for September -6.1% m/m (prior was +9.1% m/m)

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»


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