SYDNEY: Sales of new homes in Australia surged to a seven-month high in March, an industry survey showed on Thursday, a positive sign for consumer spending and house building.
Sales of detached homes climbed 7 percent, while sales in the volatile multi-unit sector rose 16.3 percent.
“This is another positive update for the residential construction sector,” said HIA economist, Diwa Hopkins.
“The current level and trajectory of new home sales and approvals provides a strong signal that new home building activity in 2016 will remain strong.”
The central bank lowered its cash rate a quarter point to a record low of 1.75 percent in an attempt to arrest a troubling slowdown in inflation.
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