Seasonally adjusted, Australian new motor vehicle sales fell -5.2% in November and are now down -17.8% from a year ago. Sales are now back to levels last seen in April 2003.
Clearly Australians are putting off large purchases, that obviously extends to the biggest purchase most households will ever make - a house. Despite the government's silly attempts to prop up real estate prices with incentives for first home buyers, housing prices and sales will continue to fall in Australia in coming quarters as the recession deepens and unemployment rises.
Tuesday, 23 December 2008