THE sales of new homes in Australia fell by 7.2% in March compared to the previous month, according to the monthly HIA New Home Sales report.
The decline leaves sales in the first three months of 2023 down by 45.9% compared to the same period last year, as the rise in the cash rate over the past year impedes sales.
The increase in the cost of land and construction, compounded by higher interest rates, is dampening demand further, and the cancellation rate increased in March to 30.5%.
