Ghost city boom keeps on giving

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HIA new home sales are out for April and keep on keeping on:

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In April 2015, total seasonally adjusted new home sales increased for a fourth consecutive month, inching 0.6 per cent higher. While this is the slowest growth pace of the four months, it is still a strong result off the back of a healthy March quarter. During the three months to April total new home sales increased by 4.8 per cent.

The momentum to new home sales in 2015 is predictably being driven by ‘multi-units’. Sales in this sector increased by 23.5 per cent over the April 2015 ‘quarter’ to be up by 57.7 per cent on the same three month period a year earlier.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.