Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Monday, 18 January 2016

Bumper half decade for NSW car sales

Following on from this morning's post on traffic congestion the ABS released its final Sales of New Motor Vehicles figures for 2015, with December's seasonally adjusted total of 97,338 sales some way below the record high 100,467 set in September.

On a trend basis, new motor vehicle sales moved a solid 4.6 per cent higher over 2015, though the trend is now looking decidedly peaky.

On an annualised basis, the total for new motor vehicle sales of 1.15 million in 2015 was a record high, and an improvement of 3.5 per cent on the year to December 2014.

The main driver has been sales in New South Wales where a record 380,353 sales were made in 2015, which on a rolling annual basis is 17 per cent higher than the May 2008 peak, and 22 per cent higher than the June 2011 nadir. 

What is more, the latest data suggests that annual motor sales in New South Wales are heading higher still, fuelled by a very strong Sydney economy which has experienced massive jobs growth over the past year.