Interest rate hikes and the rising cost of living are starting to bite Australians seeking their first home.
The Australian Bureau of Statistics reported on Friday the number of new owner-occupier first home buyer loan commitments fell 8.1 percent in January—its lowest level since February 2017.
Mish Tan, ABS head of finance and wealth statistics, said the decline coincided with the winding down of COVID-19 pandemic stimulus measures.
Rising interest rates are also dampening overall demand, with the Reserve Bank widely expected to again lift rates at its Tuesday board meeting.
The overall value of new loan commitments for housing fell 5.3 percent to $22.1 billion in January….