Apartments boost new home sales

New home sales edged up for the third straight month in June following the Reserve Bank’s most recent interest rate cut in the same month.

The Housing Industry Association’s new home sales report showed a 2.8 per cent rise in new home sales, driven by a 15.7 per cent surge in apartments and townhouses. In May, new home sales rose 0.7 per cent.

“But all the action has been in the multi-unit sector,” said HIA chief economist Harley Dale.

Stamp duty concessions in the first half of the year in NSW drove a 30.8 per cent increase in apartments and units in that time.

Standalone houses sales rose by 0.7 per cent in June, following a 2 per cent drop in May, the HIA said.