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Financial News: Australia New Home Sales Rise Slightly In February:

Australia New Home Sales Rise Slightly In February: HIA

03/29/2017 - 23:53:00 (RTTNews)

(RTTNews) - New home sales in Australia increased marginally in February, after falling in the previous month, the Housing Industry Association reported Thursday.

Total home sales edged up a seasonally adjusted 0.2 percent month-over-month in February, reversing a 2.2 percent decline in January.

Multi-unit sales grew 1.0 percent over the month, while detached house sales dropped by 0.1 percent.

"As with all aspects of the current housing cycle there are large differences in conditions for detached housing between states and territories. HIA's detached house sales series for the five mainland states has been consistently highlighting this point for some years now," Dr Harley Dale, chief economist at HIA, said.

"In 2017 we expect the profile for leading indicators such as detached house sales to slowly improve for Western Australia and South Australia. At the same time the volume of detached house sales on the eastern seaboard is expected to trend lower."

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