New home sales figures released yesterday by the Housing Institute of Australia (HIA) show that high interest rates are having a significant impact on housing markets across the country.
“Sales volumes are clearly losing momentum against the headwinds of higher interest rates and upward pressure on construction costs,” said HIA chief economist Harley Dale.
New South Wales is feeling the pinch markedly; new detached home sales fell by 19.7 per cent in March.
Elsewhere detached home sales fell by ten per cent in Queensland and 5.8 per cent in South Australia.
The HIA does not expect a recovery in national housing starts until 2009/10.
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