New home sales surged to a 24-month high in September, according to the Housing Industry Association (HIA).
“Given the recovery in sales is occurring from a record low and that the upward momentum appeared to be stalling in mid-2013, this September outcome is very positive,” HIA chief economist Dr Harley Dale said.
Total seasonally adjusted new home sales increased by 6.4 per cent in September, the fastest monthly growth since April last year, according to the latest HIA New Home Sales Report.
The increase reflected a 4.5 per cent rise in detached house sales and a 19.9 per cent jump in multi-unit sales.
“There is clear upward momentum in detached house sales, which grew by 3.7 per cent in the September 2013 quarter to be up by 25.2 per cent when compared with the same quarter last year,” said Dr Dale.
“A strong September result for new home sales needs to gather further steam and clear upward momentum for building approvals, and new housing finance needs to occur over the foreseeable future.
“These outcomes would provide confidence that the first round new home building recovery seen in 2012/2013 can gather legs this financial year,” added Harley Dale.