ABS has released Housing Finance for March and Car Sales for April.
First up Housing Finance, which we knew from other indicators was going to come in weak, and it did:
MARCH KEY POINTS
VALUE OF DWELLING COMMITMENTSMarch 2011 compared with February 2011:
- The trend estimate for the total value of dwelling finance commitments excluding alterations and additions fell 1.6%. Owner occupied housing commitments fell 1.7% and investment housing commitments fell 1.3%.
- In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions fell 0.1%.
NUMBER OF DWELLING COMMITMENTS
March 2011 compared with February 2011:
- In trend terms, the number of commitments for owner occupied housing finance fell 2.0%.
- In trend terms, the number of commitments for the purchase of new dwellings fell 5.6%, the number of commitments for the purchase of established dwellings fell 1.9% and the number of commitments for the construction of dwellings fell 1.6%.
- In seasonally adjusted terms, the number of commitments for owner occupied housing finance fell 1.5%.
- In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose from 14.9% in February 2011 to 16.0% in March 2011.
The overall news is a bit worse than these summaries suggest. The internals of the finance figure splits, with the purchase of existing dwellings more of a drag than new dwelling finance which is still elevated:
On car sales, this is worse than expected. All major states recorded heavy seasonally adjusted falls, especially NSW and VIC. We can put the QLD fall down to a post-flood-bounce reversal, but there is an unsettling patten developing around the major services economy states. Employment flogged last week, car sales smacked this week.
APRIL KEY POINTS
TOTAL NEW MOTOR VEHICLE SALES
- Trend – The April 2011 trend estimate (84,511) has decreased by 0.1% when compared with March 2011.
- Seasonally Adjusted – The April 2011 seasonally adjusted estimate for new motor vehicle sales (84 332) decreased by 3.5% when compared with March 2011.
SALES BY TYPE OF VEHICLE
- Trend – When comparing national trend estimates for April 2011 with March 2011, sales of Passenger vehicles decreased by 0.5%. Sports utility and Other vehicles increased by 0.3% and 0.8% respectively over the same period.
- Seasonally Adjusted – When comparing seasonally adjusted estimates for April 2011 with March 2011, sales of Passenger vehicles increased by 22 units (0.0%), Sports utility and Other vehicles decreased by 9.6% and 5.5% respectively.
SALES BY STATE
- Six of the eight states and territories have experienced a decrease in the trend estimate for new motor vehicle sales when comparing April 2011 with March 2011. Tasmania recorded the largest percentage decrease with 2.2%, followed by South Australia (0.9%) and Victoria (0.6%). Queensland recorded the largest increase of 1.7% over the same period.
- In seasonally adjusted terms, sales of new motor vehicles decreased in seven of the eight states and territories for April 2011 when compared with March 2011. New South Wales recorded the largest percentage decrease of 5.1%, followed by Victoria (3.5%) and Queensland (3.4%). Over the same period the Northern Territory recorded the only increase (1.6%).
