New home sales continue to rise

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Information released last week shows the sale of new homes in Australia has risen for the fourth straight month. 

The information from the Housing Industry Association (HIA) showed that despite slowing somewhat, the sales of new homes across the country rose by 0.6% in April. 

The April result for total seasonally adjusted new home sales comprised of two small gains, 0.4% for detached house sales and 0.9% for multi-unit sales.

“While the rise of 0.6% in April was the slowest growth pace of the four months, this is still a strong result off the back of a healthy March quarter,” HIA chief economist Harley Dale said.

“The profile for new home sales in 2015 is consistent with a new home building cycle where further upward momentum resides largely in the ‘multi-unit’ sector and where the eastern seaboard states are driving the further growth.”

While multi-unit sales are driving much of the growth, there is some slow-down in the sales of new detached homes, with only NSW and Victoria posting gains for the sale of detached houses in the three months to April.  

“In terms of detached house sales, both NSW and Victoria posted monthly gains in April as did Western Australia, although Queensland recorded a disappointing decline,” Dale said

“Sales in South Australia continued to weaken and are at an 18-month low.”
 

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