Lending to property investors falls sharply in ‘tiny’ step towards fairer housing market in Australia, expert says
Summary
New data shows that property investors in Australia are lending less money for buying established homes but are investing more in new houses. This shift is partly due to recent interest rate increases and government tax changes aimed at making housing more affordable.Key Facts
- Lending to property investors dropped by nearly 9% in the three months to June.
- Total new home loans fell by 5.4% during the same period.
- Investor loans for established homes decreased by 14.8%.
- Loans to investors for new homes increased by 4.4%, reaching a record high.
- Interest rate hikes and tax changes have contributed to reduced mortgage applications.
- Loans to first home buyers fell by 2.9% in the quarter but stayed flat over the year.
- Experts say these changes may reduce competition from investors for existing homes, helping first home buyers.
- Increased investment in new homes could improve rental supply.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
