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.