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1.Market Observations, 8.Was Sticky

30 June 2018 (AFR) – Tighter access hots new homes – New home sales down 4.4pc as banks say no to borrowers

(30 June 2018, AFR, p11, by Larry Schlesinger)

‘New homes sales fell 4.4 per cent in May to be down 12.8 per cent from the peak in December, as buyers struggled to obtain financing from the major banks and migration slowed, according to the Housing Industry Association (HIA). “The first half of 2018 has seen a renewed downward trend in new house sales,” said Tim Reardon, HIA’s principal Economist. “Access to finance has become the barrier to ongoing growth in home sales. The availability of credit has tightened over the past 12 months with banks responding to the decline in house prices and the Banking Royal Commission by limiting lending to new home buyers,” Mr Reardon said.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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