Housing Industry Association (HIA) updated that the number of loans to owner occupiers for established homes dropped 9.1% during May 2020 to the lowest monthly level on record.
According to HIA’s Chief Economist, Tim Reardon, the present Housing Finance data does not show the effect of HomeBuilder program unveiled in June 2020. HIA does not hope to see the positive effect of HomeBuilder exhibited in Housing Finance data for several months.
The data for July 2020, shows the height of the coronavirus linked shutdown and likely comprises lessened demand for current homes and the slower processing of requests.
First home buyers dropped by 9.3% during May, led by a decrease of 18.8% in NSW.
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