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New home sales in Australia fell for the second straight month in May amid glut of unsold residential properties.
The Housing Industry Association (HIA) said its survey of large-volume builders showed new home sales fell a seasonally adjusted 4.4 percent in May, from April when they dropped 4.7 percent. The slump was dominated by detached housing, which declined 6.7 percent, while sales of new apartments bounced 4.9 per cent.
"There is nothing alarming to a reversal in the trend for new home sales," said Harley Dale, Chief Economist, HIA.
Sales of detached housing in New South Wales, Victoria and Queensland, Australia’s most populous states, fell by 11.5 percent, 8.2 percent and 11 percent respectively. That was partially offset by gains of 3.8 percent and 5.4 percent in South Australia and Western Australia.
Further, rating agency Standard and Poor’s and the Reserve Bank of Australia have warned the risks surrounding glut of properties in recent months. Meanwhile, strength in home building has proved a major plank for economic growth in recent years and the pipeline of approvals still points to high levels of construction ahead.
