New home sales slump again
New home sales fell again in July, and over the past 3 months have been 33 per cent lower than a year earlier.
This portends a slow couple of years ahead for homebuilding in the face of record high immigration.
An extra person every 46 seconds implies population growth of around 685,000 per annum...a blistering pace of growth that we've never seen before.
There is a high number of dwellings in the pipeline but many projects are stalled and some won't complete as developers are crashing into insolvency.
The HIA's media release is here.
