Australia new home sales fall in Feb: industry survey

[SYDNEY] Sales of new homes in Australia slipped in February following two months of gains, an industry survey showed on Thursday.

The Housing Industry Association (HIA) said its survey of large-volume builders showed sales of new homes fell a seasonally adjusted 5.3 per cent in February, from January when they rose 3.1 per cent.

Sales of detached homes eased 3.9 per cent, while sales in the volatile multi-unit sector fell 10.6 per cent.

"While the monthly result is a soft one, there is no need to loudly ring alarm bells as often seems to automatically occur every time an economic update disappoints," said HIA chief economist, Harley Dale.

"New home sales are down, but far from out. Over the three months to February 2016, the sale of detached houses increased by 1.8 per cent. The sale of multi-units nudged up by 0.8 per cent."

REUTERS