Australia – Housing Industry Association (HIA) New Home Sales for June: +1.2% m/m (prior was -4.3%)

Australia – Housing Industry Association (HIA) New Home Sales for June: +1.2% m/m

• prior was -4.3%

• Increase in Q2 to 2.0% q/q
• Latest monthly gain was due to 15.9% rise in sales of multi-units
• 1.0% drop in detached house sales

HIA chief economist Harley Dale:

• “Growth in detached house sales (+2.6% in Q2) last quarter, together with very elevated multi-unit sales, augers well for new residential construction in addition to wider elements of the domestic economy”
• “The new home building sector will provide a healthy contribution to broader economic growth in 2014-15″
• “As the recovery enters its third year, the magnitude and duration of the current new home building up cycle is less certain than would usually be the case at this juncture.”