Australia's new home sales fell by 5.5% month-on-month in May 2022, following a 1.2% drop in the previous month, data from the Housing Industry Association (HIA) showed. It was the second straight month of decline in new home sales, amid a federal election and worries rising interest rates begin to bite. " The impact of rising rates will be compounded by the going increases in the cost of construction and land, forcing up the cost of new house and land package. The lag from when a rate rise results in a decline in starts can be as short as six months, but in this cycle, it could be more than 12 months before the volume of starts fall due to the rise in rates,” Tom Davis, HIA Economist, said. The RBA raised the cash rate by 50 bps to 0.85% during its June meeting. New home sales dropped the most in Victoria (-12.7%), followed by New South Wales (-12.2%), and Western Australia (-0.8%). By contrast, sales increased in both Queensland (8.8%) and South Australia (12%). source: Housing Industry Association (HIA)
New Home Sales in Australia averaged 8007.58 Units from 1999 until 2021, reaching an all time high of 20768 Units in March of 2001 and a record low of 3647 Units in May of 2020. This page provides the latest reported value for - Australia New Home Sales - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Australia New Home Sales - data, historical chart, forecasts and calendar of releases - was last updated on July of 2022.
New Home Sales in Australia is expected to be 5700.00 Units by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia New Home Sales is projected to trend around 5500.00 Units in 2023, according to our econometric models.