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Australia new home sales rise 1.1% in February

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Sales of new homes in Australia rose again in February thanks to solid demand in the multi-unit sector, an industry survey showed on Tuesday.

[SYDNEY] Sales of new homes in Australia rose again in February thanks to solid demand in the multi-unit sector, an industry survey showed on Tuesday.

The Housing Industry Association (HIA) said its survey of large volume builders showed sales of new homes rose 1.1 per cent in February, following a 1.8 per cent gain in January.

Sales of multi-units jumped 11.1 per cent in the month, while sales of detached homes slipped 1.3 per cent.

"The signal from both HIA new home sales and ABS building approvals is for further upward momentum to multi-unit dwelling construction in 2015, but a consolidation in detached house building at volumes above the long term average," HIA chief economist, Harley Dale said.

REUTERS

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