Pete Wargent blogspot

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

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Tuesday, 16 August 2016

New car sales chugging along at record highs

New highs

The ABS Sales of New Motor Vehicles figures recorded a seasonally adjusted 98,062 new motor vehicles sold in July.

Although this was slightly below the 99,360 sales in June, it was still a pretty tasty result given recent election uncertainties.

The trend result of 97,922 eked out a new record high (just).

Over the year to July a record 1.17 million new motor vehicle sales were notched up.

Where and what?

Sports Utilities continue to carve up the market, accounting for 37 per cent of sales over the past year.

The strength in the new motor sales market continues to be driven by Sydney and Melbourne, where units sold have comfortably been tracking at their highest ever level. 

Sundry news

The Reserve Bank of Australia released the Board Minutes of its August 2016 Meeting today.