Australia new home sales ease 0.4% in July

Sydney residents walk past a newly-completed apartment development in Sydney's inner-city suburb of Zetland.
Sydney residents walk past a newly-completed apartment development in Sydney's inner-city suburb of Zetland. PHOTO: REUTERS

SYDNEY (REUTERS) - Sales of new homes in Australia dipped in July but remained at historically high levels, data showed on Monday (Aug 31).

The Housing Industry Association (HIA) said its survey of large volume builders showed sales of new homes slipped a seasonally adjusted 0.4 per cent in July, from June.

Sales of detached homes rose 0.7 per cent in July, but multi-units sales fell 4.2 per cent.

"It appears that the cyclical peak for total new home sales occurred in April, but the subsequent downward trend is very mild," said HIA chief economist Harley Dale.