The Housing Industry Association (HIA) released its new home sales data for Australia on Monday. New home sales fell 4.7% in April, after a 8.9% rise in March. January’s figure was revised down from a 3.1% increase.
“The trend in new home sales reiterates that the peak for the cycle has passed, but the descent we’re now observing is very mild. This signals the potential for very healthy home construction activity throughout 2016, much as we have been anticipating,” the HIA’s economist Diwa Hopkins said.
Sales of detached homes decreased 3.0% in April, while sales for multi-units slid 10.8%.
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