Australia's new home sales plunged 16.0 percent month-on-month in August of 2022, following a 1.13.1 percent drop in the prior month, data from the Housing Industry Association (HIA) showed. The latest figure marked the second straight month of fall in new home sales, with the rise in borrowing costs compounding the impact of higher cost of construction. “The full impact of recent and future rate increases will continue to flow through as an adverse impact on the sale of new homes in coming months," said HIA economist Tom Devitt. “The concern remains that the adverse impact of rising rates on the wider economy will be obscured by this volume of ongoing work and that the RBA goes too far, too soon.” Victoria drove the declines in sales, down by 15.2%, followed by Queensland (-1.8%). By contrast, the other states posting increases were South Australia (18.2%), New South Wales (14.2%), and Western Australia (7.5%). source: Housing Industry Association (HIA)
New Home Sales in Australia averaged 7884.23 Units from 1999 until 2022, reaching an all time high of 20768 Units in March of 2001 and a record low of 3647 Units in May of 2020. This page provides the latest reported value for - Australia New Home Sales - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Australia New Home Sales - data, historical chart, forecasts and calendar of releases - was last updated on September of 2022.
New Home Sales in Australia is expected to be 4000.00 Units by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia New Home Sales is projected to trend around 3500.00 Units in 2023 and 4000.00 Units in 2024, according to our econometric models.