New homes sales fell a seasonally adjusted 6.4 per cent to 8,024 units in Maym following a 6.2 per cent rise the month before, the Housing Industry Association (HIA) said this week. This is a 3 month low that appears to have been caused by rising interest rates.

“This is the lowest number of new home sales since February 2010; with private house sales fell 5.9 per cent in the month while sales of multi-units slid 11.6 per cent” said  Mark Forytarz and Paul Castran.

NSW has the largest sales of 13.6 per cent of detached new homes in May, while South Australia has rose up to 2.1 per cent.

Queensland has the largest decline in sales of 12.3 per cent, whereas Western Australia was down to 10.7 per cent and Victoria fell 8.5 per cent.