Most first home buyers will stay locked out of Australia’s expensive housing market until there are at least two interest rate cuts, the managing director of Brickworks says.

Lindsay Partridge, who has been at the helm of Australia’s biggest brick-making company for 24 years, said detached housing had moved out of reach of many first home buyers after 13 rate rises, a 30 per cent jump in building material costs and labour, and bureaucratic red tape and taxes.