As per latest ABS data, the value of new loan commitments for housing fell sharply by 11.6%, the largest fall in history, in May in seasonally adjusted terms. The figures showed:
- Value of new loan commitments for owner occupier housing plummeted 10.2% while investor housing dropped 15.6%
- Number of owner occupier first home buyer loan commitments fell 9.3%
ABS Chief stated that the fall was driven by a robust drop in the value of loan commitments for housing in New South Wales and Victoria. The value of new loans has plunged, refinancing has been soaring.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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