Australia New Home Sales

Australia's new home sales dropped by 1.2 percent month-on-month in April 2022, reversing from a 3.9 percent growth in the previous month, data from the Housing Industry Association (HIA) showed. It was the third decline in the past four months, reflecting the remaining impact of adverse weather and flood in some parts of the country and worries that mortgage affordability would reduce following the recent increase in cash rate as well as signs that the Reserve Bank of Australia will continue its hawkish stance to tame rising inflation. New home sales fell the most in South Australia (-2.0 percent), followed by Queensland (-9.0 percent) and New South Wales (-9.4 percent). By contrast, sales increased in both Western Australia (8.8 percent) and Victoria (4.0 percent).