Apartment surge can’t stop housing decline

Australia is still enjoying a “strong new home building cycle” despite a drop in the sales of new homes over the past 12 months.

There were 24,132 new home sales in Australia between March and May, which was 6.7 per cent lower than the same period in 2014, according to the Housing Industry Association (HIA).

Multi-unit sales jumped 73.9 per cent to a record 5,632, but private house sales dropped 4.5 per cent to 18,499.

Queensland was the only state to experience an increase in private house sales, which rose 7.5 per cent to 3,624.