Home Sales in Australia dipped 2.3% in May

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Tuesday, Jun 30 2015

This morning from Australia only minor importance Private Sector Credit and HIA Home Sales data was released. Private Sector Credit rose by 0.5% in May, in line with market forecasts. The increase was mostly driven by rise in housing and personal credit which marked 0.5% incline, while credits in business sector fell by 0.1%.

Sales of new homes in Australia dipped in May to break a four-month run of gains, though sales of multi-units hit record highs amid an ongoing switch to high-rise living.The Housing Industry Association (HIA) said its survey of large volume builders showed sales of new homes fell a seasonally adjusted 2.3% in May, from April.

Sales of detached homes fell back by 5.1% in the month, offsetting a 7.6% jump in multi-units. For the three months to May, multi-unit sales were up a hefty 26.7%. "This is a softer result at face value, but delving beneath the surface reveals an aggregate profile of healthy new home building conditions in 2015," said HIA chief economist, Harley Dale.

Data did not have any major impact on the Aussie, which is currently being traded few points above 0.7670 level. Pair is likely to find support around 0.7630 area and resistance near 0.7740 level. Later today, in the US session, Chicago PMI and CB Consumer Confidence figures are scheduled for a release.

More in this category: « German CPI down by 0.1% German Retail Sales up by 0.5% »

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