Record-low interest rates are continuing to spark investment in property, with the sales of new homes hitting a fresh five-year high in April, according to the Housing Industry Association.
Sales of new homes have inched 0.6 per cent higher in the month, according to the HIA's monthly report.
The new home sales report has shown an increase in sales in each of the first four months of 2015.
Record low interest rates have spurred an uptake in property activity, as the Reserve Bank attempts to fire-up the non-mining sector of the Australian economy to offset the declining resources boom. The RBA board dropped the official cash rate to 2 per cent at its May meeting.
The Australian Bureau of Statistics released data earlier this month showing building approvals hitting a fresh record high in March, as the surge in the number of apartments continued to increase.
The HIA said April's increase in sales was marginal however, with sales of new detached houses increasing by 0.4 per cent, while sales of new multi-units, or apartments, lifted by 0.9 per cent.
"Further upward momentum resides largely in the ‘multi-unit’ sector and where the eastern seaboard states are driving the further growth,” HIA chief economist Harley Dale said.
Sales of new detached homes in April increased by 7.2 per cent in NSW, by 2.7 per cent in Victoria and were 0.9 per cent higher in Western Australia. But sales fell 9 per cent in Queensland and by 1.9 per cent in South Australia.
"This profile is broadly consistent with our forecasts for detached house commencements, with the exception of Queensland, which is looking weaker than we were expecting," Mr Dale said.