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Australia is โ€œheaded for its weakest year of new house commencements in over a decadeโ€, according to the Housing Industry Association (HIA).

New home sales in October were 8.1% lower than the previous month (see graph) and 5.8% lower than the previous year.

HIA senior economist Tom Devitt said the relatively low number of new homes being sold now will lead to a decline in home building starts in the near future.

โ€œThis coincides with Australiaโ€™s deepening housing crisis, with record population growth and acute rental shortages reflecting the need for a strong pipeline of new housing supply,โ€ he said.

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The team at Sonam Capital are here to empower you through financial knowledge. Weโ€™ll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.

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