The Housing Industry Association (HIA) released its new home sales data for Australia on Wednesday. New home sales jumped 3.1% in January, after a 6.0% gain in December.

Sales of detached homes increased 5.8% in January, while sales for multi-units slid 5.8%.

"This year will be another healthy one for detached house and 'multi-unit' construction, but we won't surpass the heights of 2015. The new home building sector is crucial to Australia's economic prospects in 2016 and should continue as a mainstay of domestic economic activity," the HIA's chief economist Harley Dale said.