New house sales slip in May, but new units at record level: HIA
The HIA New Home Sales Report, a survey of Australia’s largest volume builders, recorded the first decline for 2015 in May.
“The four month winning streak came to a modest end in May 2015 with total seasonally adjusted new home sales falling by 2.3%,” said HIA chief economist, Dr Harley Dale.
“The decline was driven by a 5.1% dip in detached house sales, reflecting weaker monthly demand in four out of the five states surveyed.”
“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,” Harley Dale said.
“The mature stage of the new home building cycle primarily reflects further momentum in the ‘multi-unit’ sector, together with persistence of healthy conditions in New South Wales and Victoria.
“New sales of multi-units increased by 7.6% during the month to yet a new record level, with sales volumes up by 26.7% over the three months to May."
In the month of May 2015 detached house sales increased by 3.3% in Queensland, but fell by 2.3% in NSW, 9.9& in Victoria, 5.2% in South Australia, and 8.1% in Western Australia. In the May 2015 quarter, detached house sales increased in NSW (+5.2%) and Victoria (+6.2%). Sales fell over the three month period in SA (-8.1 per cent), Queensland (- 7.5%), and WA (-1.3%).
