Housing starts plunge despite rate cuts

Housing starts fell more than expected in the March quarter, according to data from the Australian Bureau of Statistics. The data showed total starts fell a seasonally adjusted 12.6% in the three months to March 31, to 30,623 units.

The result came after a upwardly revised fall of 4.5% in the December quarter and despite two rate cuts by the Reserve Bank at the start of they year

CommSec analysts had expected a 1.5% fall in new home starts during the quarter.

This article first appeared on SmartCompany.