Pete Wargent blogspot

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

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Monday, 16 November 2015

Top gear for new car sales

Car sales move up a gear

Another strong result for new motor vehicle sales in October at a seasonally adjusted 96,925, following on from the record high 100,537 in the preceding month.

This takes the monthly trend for new motor vehicle sales to a fresh high of 97,903.

The growth in recent times has been driven entirely by Sports Utility Vehicles (SUVs), with a record 399,867 units shifted.

On a rolling annual basis more than 1.14 million new vehicles have been sold in Australia, which is the fastest pace on record.

At the state level, the annual figures show that over the past year the strength in new motor vehicle sales has been driven by New South Wales (with a blistering 375,970 sales), Victoria (313,699), and Queensland (234,360).

Year-on-year there have been strong seasonally adjusted gains in sales in Queensland (+8.9 per cent) and New South Wales (+5.7 per cent), but declines in Western Australia (-8.6 per cent) and the Northern Territory (-4.2 per cent).