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High interest rates spook buyers

11/03/2010

Higher interest rates and worsening affordability are driving home buyers out of the market. Australian Bureau of Statistics figures published yesterday show that the number of finance commitments for owner-occupiers fell 7.9 per cent from December 2009 to January 2010 (using seasonally adjusted figures) and fell 21 per cent from last year’s peak in June.

The number of finance commitments for owner-occupiers has fallen from 64,776 a month to 51,056 over a six month period. The value of finance commitments for owner-occupiers fell five per cent from December to January and fell 15 per cent from the September peak. In that period monthly loan values for owner-occupiers have fallen from $17.4 to $14.7 billion.

Source: Banking Day



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