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Australia's total new home sales flat in September, strong demand for multi-units

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Sales of new homes in Australia were flat in September, with strong demand for multi-units offset by a moderate fall in detached house sales, an industry survey showed on Thursday.

[SYDNEY] Sales of new homes in Australia were flat in September, with strong demand for multi-units offset by a moderate fall in detached house sales, an industry survey showed on Thursday.

The Housing Industry Association (HIA) said its survey of large volume builders showed sales of multi-units climbed 11.0 per cent last month, but detached house sales fell 2.3 per cent.

While total new home sales were flat on the month, they remained at a historically high level. "The overall profile for new home sales is consistent with a healthy year for dwelling construction in 2014/15. It would be desirable to see that outcome in detached and low density construction in addition to the high rise sector," said Harley Dale, HIA chief economist.

Record-low interest rates have led to a marked pickup in home prices and clearance rates at auctions, while approvals to build new homes are trending strongly higher.

REUTERS

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