New home sales crash begins
New home sales fell sharply for a fourth consecutive month, reported the Housing Industry Association today:
New home sales were down by a further -10 per cent in August, as the impacts of the Budget begin to have an impact.
Source: HIA
Still there is a decent supply of new housing in the pipeline, and the impacts won't really be felt until next year and beyond:
Source: HIA
Chief Economist Tim Reardon projects that the pipeline of work for new homes will largely be exhausted in Sydney and Melbourne by the end of the year unless sentiment improves.
Unfortunately this trend is set to worsen significantly as the RBA hikes rates in September and likely October too.
It's set to be a tough 6 to 12 months for households as interest rates go up - and for government polling.
A poll this week reported Primary support for the government at just 25 per cent, even ahead of the 'golfing scandal'.
Of course, we can always be prone to cherry-picking polls, but the trend from 37 per cent to 27 per cent has been fairly clear.
Source: Mark the Graph, X, @MArk_Graph
One Nation has proposed swinging cuts to temporary visa numbers as it looks to establish itself as the party of opposition.
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