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Real Estate Sales Grew Steady

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A major indicator of future construction trends is the Housing Industry Association New Home Sales report a monthly survey of the industries biggest home builders in the five largest states. HIA chief economist Tim Reardon claims new home sales dropped by 12.4 percent over the year to June 2019, but expects them to keep improving.

New home sales report in the June Quarter grew by 0.8 percent over the previous quarter, the first annual improvement since the 2017 quarter of December. Compared to the past quarter in Victoria 5.1%, Western Australia 2.9% and South Australia 2.6%, new home sales grew in the June Quarter.

June Quarter’s tiny increase indicates that the decrease in new home sales has begun to ease. The upside of the present downturn in the construction is that activity rates have synchronized across the east and west coasts, making coordinating policy settings simpler for policymakers. Two reductions in interest rates, a tax cut and the abolition of regulatory constraints will encourage enhanced activity on the home construction sector.

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