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2014.07.2822:47:00UTC+00Australia New Home Sales Rise In June

Australia's new home sales increased in June as sales of multi-units surged, data from the Housing Industry Association showed on Tuesday.

Total home sales rose 1.2 percent month-on-month in June.

This was driven by a 15.9 percent surge in sales of multi-units. However, sales of detached houses fell 1 percent in June.

New home sales increased 2 percent in the June quarter.

"The new home building sector will provide a healthy contribution to broader economic growth in 2014-15," said Harley Dale, HIA Chief Economist.

"As the recovery enters its third year, the magnitude and duration of the current new home building upcycle is less certain than would usually be the case at this juncture."

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