Australia: New Home Sales dropped 4.4% in May - TDS

Research Team at TDS, notes that the Australia’s new Home Sales dropped 4.4% in May, following a 4.7% decline in April. 

Key Quotes

“Consecutive falls suggest momentum loss as record prices and tighter lending standards crimp affordability and construction of new homes. NSW recorded the largest drop in new home sales, -11.5%/m, followed by Queensland, -11%/m and Victoria, -8.2%/m. SA sales increased, +3.8%/m and WA +5.4%/m.

NZ: The RBNZ announced it sold NZ$9m in May. The Bank’s intervention capacity rose from NZ$10.58b to NZ$10.83b.

NZ Finance Minister Bill English said the RBNZ has room to cut rates if Brexit unrest worsens, mentioning Iceland, South Korea and Australia as other countries that have room to cut if required.”