The latest new home sales report, covering the largest volume builders, by Australia’s Housing Industry Association (HIA)reveals that sales volumes have reached their highest level since early 2010 after strong growth in March 2015.
Overall new home sales were up 4.4%. There was an 11.3% rise in multi-unit sales and a 2.6% rise in detached home sales during the month.
HIA economist Diwa Hopkins says: “The monthly rise in both the detached and multi-unit segments of the market is an encouraging result. However, the broader trend is that growth over the past year has been driven by multi-unit sales, while detached house sales have tracked sideways. The residential construction sector continues to be the main bright spot in the broader domestic economy.”
Detached house sales increased by 5.9% in Victoria, 4.2% in New South Wales and 4.2% in Western Australia, while declining in South Australia (5.8%) and Queensland (2.3%).