New home sales increased in August after falling in July, although a downward trend in seasonally adjusted terms is still apparent, according to a private report by the Housing Industry Association.
HIA economist Diwa Hopkins said, "Despite the August bounce, we still hold the view that new home sales reached their peak for the cycle back in April this year."
The increase in August figures was attributed to a 19.8 per cent increase in the multi-units, or apartments, sector. Detached house sales didn't fare as well, ticking up by 0.5 per cent.
New South Wales led growth, with detached house sales increasing 11.1 per cent, followed by Western Australia, growing by 2 per cent. New sales figures contracted in South Australia, Victoria and Queensland.
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Number of new houses sold grew in August, boosted by surge in apartment sales.
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