Housing market sets new 10 year low

New home-loan approvals plunged to a 10-year low in March to a seasonally adjusted 44,968, the lowest result since February 2001 and well below economists' expectations for a 2 per cent increase.

Housing Industry Association chief economist Harley Dale said governments had to take action to support the industry.

“The clearest signal in today's figures is the need for federal and state governments to step up to the plate and deliver on stimulus and reforms to reduce the cost of new housing,” he said.

Master Builders Australia chief economist Peter Jones said recent interest rate rises and cautious consumers had dented demand for housing.

Source: Herald Sun