Australia's housing market downturn: First home buyers retreat as interest rates rise
By
Luca Ittimani
Summary
Australia's housing market is entering a downturn as first home buyers pull back and investor demand slumps, despite lower prices and less competition. The shift follows three consecutive interest rate rises and sweeping tax reforms. First home buyers, who had been boosted by the government's 5% deposit scheme, are now getting cold feet as rising interest rates cool demand. The data reveals a transforming market where buyers are not rushing in despite more favorable conditions.
Source
bskyAustralia's housing market downturn: First home buyers retreat as interest rates risetheguardian.comKey quotes
· 3 pulledFirst home buyers are getting cold feet in the face of rising interest rates, ending a boom in demand backed by the government's 5% deposit scheme.
Investor demand is slumping in all areas except new property, as Australia's housing market enters a downturn.
Data shows buyers are not rushing to get into the market, despite lower prices and less competition.
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