New home sales took a step higher in the month and quarter of June 2014, according to the Housing Industry Association.
The HIA New Home Sales Report, a survey of Australia’s largest volume builders, shows an increase of 1.2% in the month of June 2014 and a rise of 2% in the June quarter.
Sales of multi-units drove the monthly result, surging by 15.9%. Detached house sales fell by 1% in June.
“Detached house sales increased by 2.6% in the June 2014 quarter despite falling in the final month,” said HIA Chief Economist Harley Dale.
“That is a healthy note on which to finish the fiscal year.”
Dr Dale says modest growth in detached house sales last quarter, together with very elevated multi-unit sales, augers well for residential construction and the domestic economy.
Detached house sales increased in four out of five mainland states in the June quarter.
There was a decline of 3.2% in New South Wales for private detached homes and of 4.2% in Victoria. Detached house sales increased by 1.8% in Queensland, 1.3% in South Australia, and 2.2% in Western Australia.
Over the June 2014 quarter, detached house sales increased in NSW (+0.4%), Victoria (+4.1%), Queensland (+6.6%), and WA (+4.1%). Detached house sales fell by 8.4% in South Australia in the June quarter.