Total seasonally adjusted new home sales fell for the first time in five months in May 2015. This is obviously not a crash hot result at face value. Look beneath the surface, however, and the dynamics of a strong new home building cycle are still at play.
Delving below a flat period for detached houses sales (up by 0.2 per cent over the three months to May) reveals an increased volume of sales over the May 2015 ‘quarter’ for both New South Wales and Victoria.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
