Lower house prices likely contributed to a slump in new car sales in January, the head of Australia's motor industry group says.
The number of vehicles sold across the country last month was down 7.4 per cent compared to January 2018, according to data issued by the Federal Chamber of Automotive Industries (FCAI).
A total of 81,994 new cars were sold during the month contrasted with 88,551 in the first month of 2018 - a decrease of about 262 vehicle sales per day.
"The current economic environment is a challenging one, with an imminent federal election, a declining real estate market and tighter lending practices," FCAI CEO Tony Weber said.
The drop-off in sales was greatest in percentage terms in the ACT, which recorded a 16.8 per cent fall in sales volumes, from 1,561 to 1,298 vehicles.
NSW and Victoria, states that registered accelerated property price falls over the past three months, both recorded an 8.1 per cent fall in sales while Tasmania and Queensland notched up losses of 7.5 per cent and 6.1 per cent respectively.
The VFACTS monthly retail sales figures listed the Toyota Hi-Lux as the top selling model in January 2019 followed by the Mazda 3 and the Ford Ranger.
The top three brands were Toyota, with 19.5 per cent of January new car sales, Mazda with 11.6 per cent and Mitsubishi with 8.1 per cent.
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