New home sales slumped in November, suggesting deep interest rate cuts and a government stimulus may take time to lure buyers back into the market. Queensland reported the biggest dive.
Sales of new houses nationally fell by 1.1% in November, the Housing Industry Association said, compared with a 3.1% increase in October.
'A lack of available credit and general economic uncertainty saw investors sitting on the sidelines in the second half of 2008,' said HIA chief executive Chris Lamont, in a statement.
Sydney Morning Herald