New home sales remain chronically low

New home sales mired at low level

Nothing too new here, but new home sales remained extremely low in March, and flat over the March 2024 quarter.

Over the March quarter, new home sales were -19 per cent lower than the equivalent quarter 5 years earlier, which doesn't bide well for housing supply. 

The Housing Industry Association did observe that the crash in new home sales has been especially market in the housing markets where land prices are high. 

New home sales have fallen in half in New South Wales from half a decade earlier, while in Victoria new home sales have fallen by a third. 

There have been further reports of builder insolvencies this week.

Never bet against America...

Retail sales in the US were again stronger than expected - never bet against the US consumer - reinforcing the recent theme of 'higher for longer' interest rates.

Australia's 3-year bond yield is trading back up at around 3.9 per cent, with the first interest rate cut not fully priced in now until early 2025. 

Australian households have been hit relatively harder, with most borrowers feeling the pain of higher variable mortgages rates, and with a swathe of fixed rate mortgages resetting to much higher repayments. 

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