BUYERS FLEE FROM PROPERTY AS INTEREST RATE HIKES AND STAMP DUTY FEES HINDERTHE SECTOR
2022-09-02
The Real Estate Institute of Australia (REIA)President,Mr Hayden Groves said the latest figures from the AustralianBureau of Statistics show that both owner occupiers and investors are shying away from the property sector asinterest rate rises and high costs associated with buying hinder the market.
According to the latest ABS lending statistics, the value of new loan commitments for housing fell 8.5 per cent to $28.4billion in July 2022 (seasonally adjusted after a fall of 4.4 per cent in June, according to data released today from theAustralian Bureau of Statistics (ABS).
"The value of new owner-occupier loan commitments fell 7.0 per cent in July 2022, while new investor loancommitments fell 11.2 per cent.
“Still, owner occupier loans in July2022 were 40 per cent higher than February 2020, while investor loans were 78 percent higher."
Mr Groves said that rising inflation and housing affordability have become key issues adding that state and federalgovernments need to prioritise this before the situation worsens.
“The ABS figures coincide with CoreLogic's latest data which shows their home value index dropped 1.6 per cent inAugust, the biggest national monthly decline since 1983."
CoreLogic's data shows falls across all capital cities, except for Darwin, which recorded a 0.9 per cent rise in August.
According to the latest ABS lending statistics, the value of new loan commitments for housing fell 8.5 per cent to $28.4billion in July 2022 (seasonally adjusted after a fall of 4.4 per cent in June, according to data released today from theAustralian Bureau of Statistics (ABS).
"The value of new owner-occupier loan commitments fell 7.0 per cent in July 2022, while new investor loancommitments fell 11.2 per cent.
“Still, owner occupier loans in July2022 were 40 per cent higher than February 2020, while investor loans were 78 percent higher."
Mr Groves said that rising inflation and housing affordability have become key issues adding that state and federalgovernments need to prioritise this before the situation worsens.
“The ABS figures coincide with CoreLogic's latest data which shows their home value index dropped 1.6 per cent inAugust, the biggest national monthly decline since 1983."
CoreLogic's data shows falls across all capital cities, except for Darwin, which recorded a 0.9 per cent rise in August.
Mr Groves said property ownership and investment has become increasingly challenging for many Australians.
Source REIA Sept 1 2022
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