Sales activity moderates further
The monthly decline in vacant lot demand continued in April, after the growth areas of Melbourne, Geelong, Ballarat, Bendigo, and Macedon recorded 1,832 gross lot sales. The new home market has entered a cyclical downturn stage, so a moderation in sales activity is expected, particularly after record demand through 2021. This was likely exacerbated by the seasonal school holiday period, encompassing consecutive long weekends for Easter and Anzac Day. High inflation and resulting increases to the official cash rate is also likely to put a dampener on enquiry and sales.