The Reserve Bank Board today opted for the only sensible course of action and kept the official cash rate on hold, says the Housing Industry Association (HIA), the voice of Australia’s residential building industry.

“We are in a climate of uncertainty regarding the short term economic outlook, while the significant negative impact of last November’s rate hikes has yet to fully emerge,” said HIA Chief Economist, Dr Harley Dale.

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Today’s decision by the Reserve Bank Board to keep interest rates on hold was the only sensible course of action given current economic and housing conditions, says the Housing Industry Association (HIA), the voice of Australia’s residential building industry.

“Given somewhat weak recent economic data, and the deteriorating outlook for housing activity, any further move by the RBA will strike a heavy blow against an already struggling residential industry,” said HIA Senior Economist, Andrew Harvey.

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Today’s decision by the Reserve Bank Board to keep interest rates on hold is welcome news, says the Housing Industry Association (HIA), the voice of Australia’s residential building industry.

“The attention of hundreds of thousands of households will now be on the banks,” said HIA Senior Economist Andrew Harvey.

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Leaving interest rates on hold in June was the appropriate and necessary decision says the Housing Industry Association (HIA), the voice of Australia’s residential building industry.

"Leading indicators are pointing to a slowing in new housing activity and higher interest rates have contributed to this situation. We do not believe this is an objective the Reserve Bank of Australia (RBA) would like to see achieved,” said HIA Chief Executive - Association, Mr Graham Wolfe.

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The Housing Industry Association, the voice of the residential building industry, believes the federal budget provides a plan for economic recovery and sensibly avoids the usual temptation of pre-election big spending commitments.

HIA's Managing Director, Shane Goodwin, said that while the Federal Budget is economically sensible and provides some useful incentives for households, businesses and workforce skills, it contained little to address Australia's chronic housing shortage and worsening affordability.

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The Housing Industry Association (HIA), Australia's largest building industry organisation, says the decision by the Reserve Bank of Australia (RBA) to lift interest rates today pushes rates above the normal. level and this will hit household budgets hard.

"HIA urges the RBA to exercise caution and not lift rates further over the short term in light of the still considerable risk attached to future economic performance and the blunt impact rate increases impart sectors of the economy not directly benefiting from the China-induced boost", said HIA Senior Economist, Ben Phillips.

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The cost of residential land continues to rise with a new report showing the median price of raw land increased by 2.2 per cent to a record $185,222 in the December 2009 quarter.

The latest residential land report from HIA, Australia’s largest building industry organisation, and rpdata.com, Australia’s leading property information and analytics provider, highlights the risk of the new home building recovery losing momentum from the second half of 2010.

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The first round new home building recovery surged ahead in the December 2009 quarter said HIA, Australia.s biggest residential building association.

HIA's Chief Economist, Dr Harley Dale said that the result confirmed the success of targeted fiscal stimulus and very low variable mortgage rates in driving the first stage of a housing recovery.

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Australia’s 20 best performing city and regional property markets over the past decade released today by rpdata.com, revealed that units in Hobart were among the best performers over the period, while the sleepy regional North Queensland town of Silkwood romped in with an average annual growth rate of 35 per cent over the period.

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Removing the obstacles to boosting Australia’s housing supply is vital, but the size of the homes Australians are building is not a constraint says the Housing Industry Association (HIA), Australia’s largest building industry organisation.

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“The Reserve Bank of Australia has now hiked interest rates four times in five meetings pushing up standard monthly mortgage repayments for first home buyers by $216 per month,” said Ben Phillips, HIA Senior Economist.

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The Housing Industry Association’s (HIA’s) New Home Sales report, a survey of Australia’s large volume residential builders, rebounded by 9.5 per cent in January 2010.

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