The ABS released housing finance commitments on Friday, and the standout number was the flight of investors with a quarterly crash of 10.2%.
The total Q2 drop was -5.4%, with owner-occupiers offsetting it somewhat at -1.9%.
This is not an unusual magnitude of drop for a housing downcycle. Once we bottom out, I’d expect the new property tax regime to boost new builds more than established property prices, which is what we want.
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