Home sales made a comeback in August after a sharp decline in July, according to new data from the Housing Industry Association.
The monthly survey revealed that home sales recovered slightly with a 6.1% gain in August, following a 9.7% fall in July.
South Australia posted the highest growth with 12%, followed by 9% in New South Wales and 8% in Western Australia.
HIA chief economist Harley Dale said “these latest New Home Sales figures therefore don’t paint a stellar picture of an August recovery, following, as they do, a big drop in July. Australia is in the midst of the longest and biggest new home building cycle in the nation’s history.
“Despite being at the mature stage of this cycle we still face a situation where key leading indicators… point to healthy levels of construction ahead, even if volumes will be down on the 2015/16 record high. That is a great result when the level of national new home building has already grown over four consecutive years,” he added.
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