Australian new home sales declined by 7.2 percent month-over-month in July 2019, following a 12.1 percent drop in the previous month. Around the states, new home sales fell in Victoria (-12.6 percent), New South Wales (-5.6 percent), Queensland (-4.3 percent), and South Australia (-4.2 percent); but went up in Western Australia (0.6 percent). We are yet to see any material impacts from the two recent interest rates cuts in June and July or from the recent tax cuts," HIA's chief economist Tim Reardon said. "The effects of these should trickle into new home sales data over the coming months and will assist in further stabilizing the market," he added. New Home Sales in Australia averaged 8347.90 from 1999 until 2018, reaching an all time high of 20768 in March of 2001 and a record low of 4769 in August of 2018.
New Home Sales in Australia is expected to be 4400.00 Units by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate New Home Sales in Australia to stand at 4400.00 in 12 months time. In the long-term, the Australia New Home Sales is projected to trend around 5650.00 Units in 2020, according to our econometric models.