And now for some brighter news.
New home sales climbed again in May (+1.6%) after their increase in April (+3.6%).
The increase in the month was driven by both increases in sales of new houses (+0.9%) and new units (+5.7%).
New home sales hit record lows in September 2012, but have bounced by some 23% since that time.
As you can see from the figures above, it has been mainly units which are driving the growth, as might be expected.
Source: HIA
As ever, the stats are not smooth across the states.
New home sales which have been strong in Western Australia, are now tapering off, but New South Wales, Victoria and South Australia are picking up the slack.
Detached house sales were up most in NSW (+8.8%), South Australia (+6.9%) and Victoria (+4.3%) but fell in Western Australia (-2.2%) and Queensland (-10.3%).
Overall, promising signs but still much work to be done to bring new home sales back up to the levels seen in 2011 as part of Australia's 'Great Rebalancing' of the economy.
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