Australian new home sales dropped by 0.1 percent month-over-month in March 2019, following a 1 percent gain in the previous month, data from Australia’s Housing Industry Association (HIA) showed. Across the states, both Queensland (-4.7 percent) and Victoria (-2.9 percent) experienced decreases in new home sales compared to the previous month. Conversely, New South Wales (4.8 percent), South Australia (8.6 percent) and Western Australia (2.3 percent) all registered gains. Considering the first quarter 2019, new home sales stabilized after falling by 8.5 percent in 2018. “Given the rapid decline in new home sales throughout 2018, this moderation in the fall in new home sales suggests that the credit squeeze is easing as the market adjusts to the new lending norms,” said Geordan Murray, HIA Senior Economist. 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 4900.00 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 5490.00 in 12 months time. In the long-term, the Australia New Home Sales is projected to trend around 5550.00 Units in 2020, according to our econometric models.