Investor lending falls to new lows
Residential property investors took out $894 million of new mortgages during the month, the smallest amount since records began.
The value of mortgages taken by investors were 63.3% less than December 2020, when the market was booming, and 2.1% less than December 2022.
High interest rates and tax have soured investors’ appetites for property, although the newly elected coalition government is reinstating mortgage deductibility and pulling the brightline test back to two years.
However, this has not been enough to entice investors back into the market in big numbers yet.
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