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New home sales and housing finance data are in good shape, which indicated the housing market has stabilised.
The latest HIA New Homes Sales report revealed new home sales remained steady for the three months to October, echoing the same trend as the previous quarter, HIA economist Angela Lillicrap said.
“At this time last year, the market for new homes was cooling rapidly. Sales have now returned to levels similar to this time last year,” she said.
Compared to the same time last year, new home sales are down by 3.1 per cent.
“Both this New Home Sales report and the ABS housing finance data suggest that the bottom of this cycle occurred in April 2019, with signs of an improvement since then,” Ms Lillicrap said.
“There are no indications that new home sales are returning to the levels experienced in the boom years of 2015 to 2017. But the improvement over the past six months suggests that this downturn will not be deep, in comparison to previous cycles.”
Although total new home sales across the country were relatively flat, Queensland saw an increase of 5.7 per cent. New South Wales was hit the worse, down by nearly 5 per cent.
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