New apartment sales dropped 15.1 per cent nationally�in November 2015, according to the�Housing Industry Association�s�new home sales report,�released on Thursday.
HIA chief economist Harley Dale said it was a �confluence of factors� that drove�the home construction decline, with a�steeper�descent apparent for the �multi-unit� market compared to detached houses.
The HIA New Home Sales Report, a survey of Australia�s largest volume builders, showed a third consecutive decline in November 2015.
�A confluence of factors is driving a decline in leading indicators of new home construction.
"The lagged effect of slowing population growth, an up-tick in variable mortgage costs, over-reach on the part of APRA�s credit controls, and an easing in property price growth in Sydney and Melbourne are all in play,� said Dr Harley Dale.
"In a welcome sign for the short term residential outlook, leading indicators such as HIA�s new home sales didn�t fall sharply in the second half of 2015."
HIA new homes sales fell by 2.7 per cent in November 2015, a result driven by a 15.1 per cent drop in �multi-unit� sales.
Detached house sales increased by 1.1 per cent due to a stronger November across the eastern seaboard.
Over the three months to November last year detached house sales fell by 4.1 per cent while the sale of multi-units dropped by 11.8 per cent.
In the month of November 2015 detached house sales increased in three out of the five mainland states.
Detached house sales increased by 8.0 per cent in Queensland, 3.3 per cent in Victoria, and 0.7 per cent in New South Wales. Detached house sales fell by 1.0 per cent in South Australia and by 9.0 per cent in Western Australia.
