Australian new home sales plunged 6.7 percent month-over-month in December 2018, following a 3.6 percent rise in the previous month and marking the steepest fall since late 2012, Australia’s Housing Industry Association (HIA) said. Across the country, sales fell in all mainland states except for New South Wales (10%) over the month, led by a substantial 11.8% fall in Victoria, followed by decreases in Queensland (-9.2%), South Australia (-4%) and Western Australia (-9%). Considering the December quarter 2018, sales slumped 14.9 percent compared to the same period a year earlier. Sales fell in all states and territories, ranging from 26.5% in Queensland to 0.3% in South Australia, with sales in New South Wales, Victoria and Western Australia slumping 18.8%, 10.9% and 7.9%, respectively. New Home Sales in Australia averaged 8347.90 from 1999 until 2018, reaching an all time high of 20768 in March of 2001 and a record low of 4769 in August of 2018.
New Home Sales in Australia is expected to be 5000.00 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate New Home Sales in Australia to stand at 5368.81 in 12 months time. In the long-term, the Australia New Home Sales is projected to trend around 5550.00 in 2020, according to our econometric models.