ABS Figures Show First Home Buyer Market Collapsing
Interest rates have increased seven times since the beginning of October 2009 – from 3 per cent then, to 4.75 per cent, now.
Australian Property Monitors senior economist Andrew Wilson told the AFR a spike in property investment following years of first-home owners grants, created a spike which pushed property prices higher that year.
“We are now in a period of adjustment because a lot of the buyers who would have been buying now have already bought because of the boost,” Dr Wilson said.
