The Housing Industry Association (HIA) released its new home sales data for Australia on Thursday. New home sales fell 5.3% in February, after a 0.6% rise in January. January's figure was revised down from a 3.1% increase.
"HIA New Home Sales are losing some of their lustre as a downward trend becomes more firmly entrenched. While the monthly result is a soft one, there is no need to loudly ring alarm bells as often seems to automatically occur every time an economic update disappoints," the HIA's chief economist Harley Dale said.
Sales of detached homes decreased 3.9% in February, while sales for multi-units slid 10.6%.