New home sales crash
The Housing Industry Association reported that new home sales were down another -13 per cent in January, to be -47 per cent lower over the year.
Note that there are data sets from before the latest upwards move in interest rates, so there is no evidence that this is the bottom.
Source: HIA
Net immigration continued to soar in December, as charted by the good fellas of Macquarie Macro Strategy.
The provisional ABS figures for January showed arrivals soaring to 1.61 million, and 1.38 million departures, so I don't suppose strong wages growth will feature as much as feared in the discourse 2023.
Indeed the latest wages data from the Melbourne Institute showed wages growth floundering at not much above 2 per cent, as also charted by the Macquarie Macro guys.
It would probably be stating the bleeding obvious to suggest that there's going to be a shortage of capital city housing ahead as interest rate rises flow through and the new housing supply is crunched.
