Sales of new homes fall as units overtake houses at auction

Signs that the property market is losing steam have been reinforced by falling new home sales and the ascent of units over houses in most capital city markets.

New home sales fell by 7.0 per cent in February following an 8.3 per cent decline in January, while at auctions across the country more units were sold than houses.

Clearance rates for units were higher than houses in Sydney, Brisbane, Adelaide and Canberra, according to Domain’s Februar…