Gross sales continue to slide
Gross lot sales across the growth areas of Melbourne, Geelong, Ballarat, Bendigo, and Macedon contracted by 1.3% over October, reflecting a significant slowing in the monthly rate of decline compared to the previous month (11%). However, this still reflects a continuation in the weakening trend in sales activity, which fell to a total of 923 lots. Buyer confidence remains fragile due to rising interest rates and elevated residential construction costs. Interestingly, there was a divergence in lot sales performance, with gross sales in Melbourne growth areas increasing by 2.9% over the month, while declining across most regional markets.