Australian home sales fell by 2.1%

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Friday, Mar 02 2018

Australian home sales fell by 2.1%

Following a relatively strong finish to 2017, detached house sales pulled back in January this year, declining by 2.1 per cent in the month. This result was due to a decline in sales in both New South Wales and Victoria, while the remaining mainland states each enjoyed increases in January. The HIA New Home Sales report – a monthly survey of the largest volume home builders in the five largest states – provides an early indication of trends in the residential building industry. The most encouraging news this month, is that new home sales in Western Australia picked-up by 1.2 per cent.

After declining by more than 23 per cent in 2017, this growth in sales is the first sign that conditions in that market are improving, said Geordan Murray, HIA Senior Economist. In the major east coast markets house building played second fiddle to the boom in apartment construction throughout the current new home building cycle. It didn’t experience the same rise during the 2012-2016 period and by the same token detached house building is unlikely to experience the same magnitude of decline as the current downturn unfolds.

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