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New home sales surged in March following a sharp decline in February, bolstered by strong growth in multi-unit sales.
According to the latest HIA New Home Sales Report, total new home sales increased by 8.9 per cent in March 2016 after a 5.3 per cent drop in February.
Multi-unit sales experienced the biggest increase – up 16.3 per cent during the month – while detached house sales grew by 7.0 per cent.
The report also revealed that total new home sales rose by 2.8 per cent over the March 2016 quarter – a 1.7 per cent drop compared with the corresponding period 12 months prior.
HIA economist Diwa Hopkins said the bounce in new home sales during March has moderated the downward trend that emerged in the second half of 2015.
“The current level and trajectory of new home sales and approvals provides a strong signal that new home building activity in 2016 will remain strong,” she said.
“The cut to the official cash rate will also provide additional support to the residential construction sector.”
[Related: Building approvals climb higher]
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