Demand For Units Is Keeping New Australian Homes Sales Strong

Quinn Rooney/Getty Images

Sales of new homes in Australia rose for the second month in a row on the back of demand for units, according to Australia’s largest volume builders.

The latest result for the Housing Industry Association Home (HIA) Sales Report highlights a 2.2% rise for in November following a lift of 3% the previous month.

A number of indicators have been showing a slowing in growth in Australian housing. Units are popular with foreign investors.

HIA economist Harley Dale says sales of multi-units surged in both October and November to reach their highest level since September 2003.

Detached house sales dipped by 1.5% in November.

State by state results: Detached house sales increased by 4% in Victoria, 16% in Queensland, and 0.3% in South Australia, and fell in New South Wales (-5.6%) and Western Australia (-10.6%).

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.