Pete Wargent blogspot

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

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Monday, 15 February 2016

New car sales have never been higher

New car sales soar

Sales of New Motor Vehicles increased strongly by +5.1 per cent (seasonally adjusted) from a year ago to 98,055 in January. In trend terms sales were +4.3 per cent higher at 97,973. 

Looking at the annualsed figures, new motor vehicle sales hit a new all-time high of 1,252,969.

Sports Utility Vehicles (SUVs) continue to dominate the sector, increasing their share of the market from 18 per cent to 36 per cent over the past decade.

Queensland led the way in January with a strong +4.1 per cent jump in sales. Over the past year, New South Wales and Victoria have seen new motor vehicle sales rise to record levels, more than offsetting a decline in Western Australia. 

The figures mirror what has been found elsewhere by SGS Economics and Planning, that (mining exporting regions aside) recent growth has been driven by the capital cities, while GDP per capita has been falling across the major regional areas of Australia. 

In the two most populous states growth has boomed in Sydney (+3.0 per cent) and Melbourne (+3.1 per cent), but growth in regional New South Wales (+0.6 per cent) and Victoria (+0.3 per cent) has sunk in per capita terms. 

Read the full SGS report here