The new homes sector in Australia has seen strong growth in March 2015, taking sales volumes to their highest level since early 2010, according to the latest new home sales report by the Australian Housing Industry Association (HIA).
Overall new home sales were up 4.4%. There was an 11.3% rise in multi-unit sales and a 2.6% increase in sales of detached houses in March, according to the report.
‘The monthly rise in both the detached and multi-unit segments of the market is an encouraging result. However, the broader trend is that growth over the past year has been driven by multi-unit sales, while detached house sales have tracked sideways,’ said HIA economist Diwa Hopkins.
The figures revealed that in Q1 2015 detached house sales increased by 5.2% in Victoria and by 4.3% in Queensland. In Western Australia they fell by 6.4%, in New South Wales by 3.6% and in South Australia by 1.4%.