According to the Housing Industry Association (HIA), new home sales appear to have stabilized in the first quarter of 2019, after declining 8.5% last year.
The March HIA New Home Sales Report shows that new home sales in New South Wales (4.8%), South Australia (8.6%) and Western Australia (2.3%) all increased over the previous month. . Queensland posted a 4.7% drop and Victoria a 2.9% drop in February.
"With the rapid decline in new home sales in 2018, this decline in the sale of new homes suggests that the credit crunch is easing as the market adjusts to new standards. loan, "said Geordan Murray, senior economist at HIA.
HIA reported that the credit crunch affected the market at a time when the natural housing cycle was already starting to cool. Banks reduced the amount they were willing to lend and the time needed to obtain an approved loan worsened. However, the market is now showing signs of adapting to new credit levels.
"There Is Uncertainty Around the Federal Elections, Which Generally Reduce Sales of New Homes and
approvals as investors and homeowners suspend their decisions until the end of the elections. The election results will rectify this uncertainty, but the potential for increased housing taxation means that a rebound in post-election sales is unlikely to occur, "Murray said.
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