Ian Bracegirdle

New home sales fall for first time in 2015

A FOUR-month winning streak for new home sales has ended with national volumes falling for the first time in 2015.

Housing Industry Association chief economist Dr Harley Dale said sales dropped 2.3% in May in a decline driven by a 5.1% dip in detached house sales.

"This is a softer result at face value, but delving beneath the surface reveals an aggregate profile of healthy new home building conditions in 2015," he said.

"The mature stage of the new home building cycle primarily reflects further momentum in the 'multi-unit' sector, together with persistence of healthy conditions in New South Wales and Victoria."

New sales of multi-units increased nationally by 7.6% during the month to a new record, with sales volumes up 26.7% over the three months to May.

"Meanwhile strength in detached house sales is evident in NSW and Victoria, with growth in the May 2015 quarter of 5.2% and 6.2%, respectively," Dr Dale said.

-APN NEWSDESK


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