Weaker start to 2017
New home sales declined by a seasonally adjusted 2.2 per cent in January according to the Housing Industry Association (HIA).
This cycle has now been the longest new home building cycle in Australia's history, noted the HIA.
Detached house sales declined by 1.5 per cent.
Across the January 2017 quarter, however, sales of multi-units strengthened by 4.8 per cent to be 9 per cent higher than for the comparable prior year period.
At least for the short term, the HIA forecasts a reasonably solid outlook for residential construction.