New vehicle sales slumped 22% in April

New vehicle sales slumped in April with buyers affected by the downturn of the housing market, environmental factors and the Federal election.

General view of traffic on the Warringah freeway

New vehicle sales have slumped again with buyers affected by the downturn of the housing market. (AAP)

New vehicle sales slumped in April as part of an ongoing trend tied to housing market woes, natural disasters and the upcoming Federal election.

The Federal Chamber of Automotive Industries' figures showed a 22 per cent monthly decrease in sales for April, arresting the uptick in March.

A total of 77,550 vehicles were sold during April, compared to 99,442 last month, and 82,930 in April 2018.

About 320 less vehicles are being sold a day compared to a year ago.

FCAI's chief executive Tony Weber said April's result was in line with a wider eight per cent decline in vehicle sales across the first four months of 2019.

Mr Weber blamed the figures on the housing market decline, tighter lending requirements, drought, floods and even politics.

"With all these elements currently present in the market, it is no surprise that Australian consumers are conservative in their approach to major purchases at the moment," Mr Weber said in a statement.

When comparing April 2018 and April 2019, Tasmania was the only state where sales improved, with a 4.4 per cent or 52-vehicle increase.

Victorian sales volumes dropped by a monthly comparative 10.7 per cent, or more than 2,500 vehicles, while NSW sales fell by 10.6 per cent, or more than 2,800 vehicles.

The biggest monthly comparative percentage dip was in the Northern Territory, with a 24.2 per cent decline, or 214 vehicles.

Meanwhile, Toyota topped the list of manufacturer sales for April 2019 with 15,135 units sold, followed by Mazda (7644), Hyundai (6469), Ford (4803) and Mitsubishi (4717).

The Toyota Hilux accounted for 3,621 or 23 per cent of the manufacturer's monthly sales.

Toyota remains the most popular vehicle sold in Australia for the year to date, with an 18.5 per cent market share.

The overall vehicle sales decline is the latest in a string of disappointing consumer data releases, which includes subdued building approvals and poor business and consumer confidence.


Share

2 min read

Published

Source: AAP



Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world