Single-detached sales rose 3.6% in November, according to the Housing Industry Association's (HIA) new housing sales report.
The monthly increase is widespread – sales rose in Victoria (7.3%); Queensland (2.1%); South Australia (7.4%); and Western Australia (2.2%). New South Wales was the only state to turn the tide, with sales down 3.3%.
"After a series of difficult months, it's nice to see new home sales finish the year on a slightly more positive note," said Geordan Murray, HIA's senior economist.
However, Murray also warns that this increase in sales would probably not mark the end of the downward trend observed throughout the year, given the weakening of Sydney's housing markets. and in Melbourne, as well as the credit crunch.
"Despite the monthly rise, the general level of sales in November is well below the level reached 12 months ago and also that it was otherwise typical of most of the period since 2014," he said. he declared.
Murray stated that the tightening of the credit environment resulted from the banks' adaptation to more restrictive credit regulations of the Australian Prudential Regulatory Authority (APRA) and control. increased by the Hayne Royal Commission.
HIA found that the credit crunch had begun to hit market investors in 2017. The impact of the crisis has recently hit the homeowner market.
"The tougher credit conditions faced by homeowner borrowers are now weighing on the single-detached home construction market, clearly illustrated by the reduction in new home sales and building approvals," Murray said.
The Royal Commission is expected to issue its recommendations early next year and HIA believes that the credit crunch could continue in 2019. The industry group said policymakers will need to be cautious when they give following the recommendations of the commission.
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