Arabic version: تراجع المستثمرين يقود إلى هبوط قياسي في قروض الإسكان

According to ABC News, new home loans fell by a record 15 per cent in the September quarter, while their total value declined 16 per cent from June to September. Australian Bureau of Statistics figures showed lending to property investors dropped 31 per cent, compared with a 5 per cent fall for owner-occupiers.

Mish Tan, the bureau’s head of finance statistics, said the figures indicated investors were being discouraged by high interest rates, tax changes and expectations of lower house prices. Five rate hikes this year have taken rates to their highest level since 2008, economists said.

Nationwide house prices have fallen 6.7 per cent from their March peak, the fastest decline in 40 years according to property data company Cotality. Auction clearance rates have also declined. Reserve Bank governor Michele Bullock said investor demand had fallen much further than in previous rate-hiking cycles, suggesting tax changes were also affecting the market.

Liberal housing spokesperson Andrew Bragg blamed changes to negative gearing and capital gains tax, saying confidence had fallen. Housing Minister Clare O’Neil said the results showed a shift away from investors and towards people buying homes to live in. First-homebuyer loans fell 8 per cent, compared with a 3.5 per cent decline for non-first-homebuyers, but performed better than investor lending.

Master Builders Australia chief executive Denita Wawn said the figures supported the property sector’s campaign against the budget tax changes and warned that the decline in housing investment could worsen.