Pete Wargent blogspot

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

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Tuesday, 15 March 2016

NSW leads record new motor sales

Trend high for new motor sales

The ABS Sales of New Motor Vehicles figures for February 2016 showed a seasonally adjusted 97,921 sales for the month, just taking the trend result to an all-time high of 97,996.

In rolling annual terms, new motor vehicle sales also hit a new high of more than 1.16 million.

Sports Utility Vehicles (SUVs) continue to carve up the market with more than 419,000 sales over the year to February, accounting for 36.1 per cent of new vehicle sales.

If there has been talk of a potential economic slowdown, it seems that someone forgot to tell the people of New South Wales where annualised sales have torn 8 per cent higher over the past year to an unprecedented 385,500.

Separate data from the Federal Chamber of Automotive Industries (FCAI) showed that Australian annual automotive production volumes have improved a little of late. 

Unfortunately this rebound won't last as domestic assembly plants are shuttered, a pending blow for the economies of Adelaide and parts of Victoria.