The sale of multi-unit dwellings reached a new cyclical peak in September this year, according to the Housing Industry Association’s New Home Sales Report.
The report revealed that while new home sales recorded a flat result over September, apartment sales surged 11% over the month.
“Seasonally adjusted detached house sales fell by 2.3 percent during the month to be down by 6.5 per cent over the September 2014 quarter. The 11.0 per cent monthly rise in multi-unit sales followed a strong increase in the previous month, taking sales up by 8.7 per cent over the quarter,” HIA chief economist, Harley Dale said.
Despite a moderate decline in detached house sales, Dale says the overall result is positive.
“The overall profile for new home sales is consistent with a healthy year for dwelling construction in 2014/15. It would be desirable to see that outcome in detached and low density construction in addition to the high rise sector,” commented Harley Dale.