Two year low for new home sales: Pete Wargent

Two year low for new home sales: Pete Wargent
Pete WargentDecember 17, 2020

 

New home sales declined by 8.5 percent in October to their lowest level in two years.

Sales were down for both detached houses (-8.2 percent) and multi-units (-9.2 percent).

The drop was led by Victoria which saw a 20 percent decline in detached house sales.

Click to enlarge

 
Source: HIA
 
New home sales are now 13 percent below their peak in April. 
 
The Housing Industry Association (HIA) sees this as consistent with its forecast of housing starts declining to 172,000 by 2018/19, driven by a substantial drop in apartments, which is fair enough.
 

PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and blogger.

His latest book is Four Green Houses and a Red Hotel.

Pete Wargent

Pete Wargent is the co-founder of BuyersBuyers.com.au, offering affordable homebuying assistance to all Australians, and a best-selling author and blogger.

Editor's Picks

Far East Consortium launches new Melbourne CBD apartment tower, 640 Bourke Street
PERIFA takes over Balmain Leagues Club site for Rozelle Village development
Mirvac to transform old motel into apartments in Brunswick as Prince & Parade construction kicks off
"One of Australia's premier beach destinations": Inside Chapter Two's Holm Rainbow Bay apartments
Where to buy in Palm Beach in 2025