Australian New Home Sales Decline Most in 19 Months: Chart

Australia’s once-booming housing market has taken another turn downward: New home sales dropped 5.3 percent in February from a year earlier, the sharpest decline since July 2014, according to data from the Housing Industry Association Ltd. “Stage one of a down cycle in new home building will be moderate, but signs of a sharper contraction in subsequent stages may emerge as the year progresses,” Harley Dale, chief economist at HIA, said. Median dwelling prices across the capital cities have declined 6 percent from their peak last year, according to research firm CoreLogic Inc., following a regulatory crackdown on lending standards and higher mortgage rates.

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