New Home Sales Continue To Rise

The latest result for the HIA New Homes Sales Report, a survey of Australia's largest volume builders, reveals a fourth consecutive monthly rise.

HIA Chief Economist Harley Dale said, "New homes sales have increased in each of the first four months of 2015.

"While the rise of 0.6 per cent 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."The April result for totally seasonally adjusted new home sales comprised of two small gains, 0.4 per cent for detached house sales and 0.9 per cent for multi-unit sales.

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"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," Mr Dale said.

"In terms of detached house sales, both NSW and Victoria posted monthly gains in April, although Queensland recorded a disappointing decline. Sales in South Australia continued to weaken and are at an 18-month low.

"The two states to post gains in detached house sales over the three months to April 2015 were NSW and Victoria," Mr Dale said.

In April 2015 private detached house sales increased by 7.2 per cent in New South Wales, by 2.7 per cent in Victoria, and by 0.9 per cent in Western Australia. Private detached sales dropped by 9.0 per cent in Queensland and were down by 1.9 per cent in South Australia.