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    HIA New Home Sales Report highlights strong performance in multi-unit sector

    Housing Industry Association

    A new report released by Housing Industry Association (HIA) indicates that sales of multi-units reached a new cyclical peak in September this year. The HIA New Home Sales Report is a survey of Australia’s largest volume builders.

    According to HIA Chief Economist, Dr Harley Dale, the flat result recorded in total new home sales in the month of September masked a strong 11.0 per cent rise in multi-unit sales. Where a moderate decline in detached house sales has been driving an overall loss of momentum in new home sales, sales of multi-units have conversely received a boost since June this year, driven by both apartments and semi-detached/townhouse product.

    Harley Dale explains that seasonally adjusted detached house sales fell by 2.3 per cent during the month to be down by 6.5 per cent over the September 2014 quarter. The 11.0 per cent monthly rise in multi-unit sales followed a strong increase in the previous month, taking sales up by 8.7 per cent over the quarter.

    He noted that the overall profile for new home sales was consistent with a healthy year for dwelling construction in 2014/15. Having a similar outcome in detached and low density construction in addition to the high rise sector would be desirable.

    State-wise September 2014 report

    Detached house sales in September increased by 13.4 per cent in Queensland, and fell by 9.9 per cent in New South Wales, 5.6 per cent in Western Australia, 3.0 per cent in South Australia and 2.4 per cent in Victoria. In the September 2014 quarter, detached house sales increased in only NSW by 2.6 per cent and fell by 15.1 per cent in Victoria, 8.5 per cent in WA, 2.8 per cent in SA and 1.5 per cent Queensland.

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