Pete Wargent blogspot

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

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Wednesday, 14 December 2016

New motor sales falter from record

New Motor Vehicle Sales have ticked back a little from record highs, with a seasonally adjusted 97,055 units shifted in November. 

It looks as though the annual number of sales will struggle to rise past the record high of 1.17 million.

The main reason for this is that Sydney has been driving the boom, but it looks as though the record annual total of 396,242 set last month may be as high as New South Wales can go for now. 

With the strongest population growth, Melbourne looks to be picking up the mantle as the main driver of growth in new car sales. 

Sport Utility Vehicles continue to carve up the market with some 441,000 sales of the past year, comfortably a record. 

The other side to this story is that new motor vehicles in the future will be imported, since domestic production is dying. 

Monthly production volumes plunged to just 11,543 in November, which 42 per cent lower than the equivalent figure in November 2011.

Holden has wound up its production in Victoria and Elizabeth in Adelaide, while Ford has also shuttered its plant in Geelong.

Accordingly, the struggles for some of Australia's manufacturing industries and centres are ongoing, despite the lower dollar.