Sales of new homes in Australia have hit 33 month highs as low interest rates and pent up demand buoys all segments of the market and evidence gathers of a broadening in the recovery in residential construction.

On a seasonally adjusted basis, the overall number of new homes sold throughout Australia rose 4.6 percent in Feburary to come in at almost 7,500 as a 6.8 percent drop in multi-unit sales from a high base was offset by a 6.9 percent rise in the detached house segment of…