Decline in new home sales accelerates -Australia
2023-02-07
Property InvestmentDecline in new home sales accelerates
New home sales have been declining as interest rates have been rising.
This is because when interest rates increase, borrowing costs for mortgages also increase, making it more expensive for potential buyers to purchase a home.
new home sales in New South Wales were down by 66.7 per cent,
followed by Queensland (-49.9 per cent),
Victoria (-36.4 per cent), and
Western Australia (-30.9 per cent).
South Australia saw the only increase, up by 13.9 per cent
https://propertyupdate.com.au/what-the-rental-crisis-means-for-property-investors/?mailchimp=true&utm_source=Michael%27s+Daily+Commentary&utm_campaign=8b42f9a73b-mailchimp-daily&utm_medium=email&utm_term=0_8ac08e5c4d-8b42f9a73b-589196033
New home sales have been declining as interest rates have been rising.
This is because when interest rates increase, borrowing costs for mortgages also increase, making it more expensive for potential buyers to purchase a home.
Additionally, rising interest rates may also cause some buyers to delay purchasing a home until rates stabilize or decrease.、
This decline in new home sales will have a ripple effect on the pipeline of new construction according to the HIA.
new home sales in New South Wales were down by 66.7 per cent,
followed by Queensland (-49.9 per cent),
Victoria (-36.4 per cent), and
Western Australia (-30.9 per cent).
South Australia saw the only increase, up by 13.9 per cent
https://propertyupdate.com.au/what-the-rental-crisis-means-for-property-investors/?mailchimp=true&utm_source=Michael%27s+Daily+Commentary&utm_campaign=8b42f9a73b-mailchimp-daily&utm_medium=email&utm_term=0_8ac08e5c4d-8b42f9a73b-589196033
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