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Tuesday, 29 August 2017

4-year low for new home sales

Building boom is ending

More evidence that the building boom is coming to an end. 

New home sales are now tracking at their lowest level since August 2013, and are well down from the record highs of 2015. 

Monthly sales dropped by -3.7 per cent in July, following on from a sharp -6.9 per cent drop in the preceding month. 

Source: HIA

The Housing Industry Association (HIA) media release noted that the decline was driven by a big drop in new apartment sales.

There was one "notable exception", being Victoria, where new dwelling sales remained strong in rising +9.8 per cent in the month. 

The HIA expects activity to decline for a number of years, albeit from record high levels.