HIA finds further growth in new home sales

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Australia’s new home sales have soared once again in February, and a solid demand for apartments appears to be the reason, the Housing Industry Association (HIA) says.
 
HIA’s latest survey of large volume property builders found a 1.1% increase in February, following a 1.8% jump in January.
 
Multi-unit sales went up by 11.1% last month, while detached homes saw a 1.3% increase in sales.
 
“The signal from both HIA new home sales and ABS building approvals is for further upward momentum to multi-unit dwelling construction in 2015, but a consolidation in detached house building at volumes above the long term average," chief economist Harley Dale told Reuters.

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