The SMH has an article headed "Housing Market shows signs of cooling". Frequent rate rises and the end of the first home owners' boost "appear to have broken the back of the NSW housing market". New figures show lending in January fell to its lowest point in more than 10 years. Only 667 NSW residents took out new construction loans in January, down from a peak of 1270 last September. Only 472 loans were issued to buy new houses, down from twice that a few months earlier. Loans to buy established houses fell from 19,100 in March last year to 10,041 this January.
A key sentence in the article is "it is understandable there would be a period of consolidation after the past year's phenomenal run", says Savanth Sebastian of CommSec.
The proportion of Australians agreeing that "now is a good time to buy a dwelling" fell from 62% in September 2009 to 42% this month.
The long term trend of fewer people living in each dwelling has gone backwards for the first time in decades, as young adults stay at home longer, and more people share accommodation.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment