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{{propApi.successMessage}} {{region}} Change locationNew home sales weaken in February following January surge
New home sales weaken in February following January surge
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The HIA New Home Sales report is a monthly survey of the largest volume home builders in the five largest states and is a leading indicator of future detached home construction.
“Nationally, sales over the three months to February were unchanged compared to the previous quarter and remain significantly higher than a year earlier,” added Mr Tapang.
“This reflects a steady recovery in new home demand over the past year rather than a sharp cycle turning point.
“This result for February should be interpreted in the context of both volatility and timing. The decline follows a strong January result and coincides with a material shift in interest rate expectations. It is likely that both factors have contributed to the weaker outcome.
“At the same time, policy uncertainty has increased with discussion around potential changes to capital gains tax and negative gearing possibly contributing to a decline in market confidence.
“Similar declines in sales occurred prior to the 2019 election, the last time that an increase in taxes on investors was debated.
“Despite the adverse impact of the rise in the cash rate, and talk of increasing the taxation imposts on housing, demand remains stable given low unemployment and strong population growth. This has seen tight rental markets pushing established home prices higher.
“The coming months will provide clearer evidence on how sensitive new home demand is to higher borrowing costs in the current environment,” concluded Mr Tapang.
Western Australia was the only state to record a monthly increase in February, with a 13.2 per cent increase. The largest decline was seen in South Australia (-32.0 per cent), followed by Queensland (-29.2 per cent), Victoria (-25.4 per cent) and New South Wales (-19.0 per cent).
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Private New House Sales - Australia (seasonally adjusted)
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“New home sales fell by 20.3 per cent in February but remain 27.3 per cent higher than in the same quarter last year,” stated HIA Senior Economist Maurice Tapang.
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