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November interest hikes 'effected housing finance figures'

Last November's interest rate rise meant that some people were put off seeking finance agreements for properties in Australia, the Housing Industry Association has suggested.

The increase to interest rates in November last year has had a negative effect on the number of people that are seeking finance agreements for properties in Australia.

This is according to Andrew Harvey, senior economist at the Housing Industry Association, who suggested that ongoing credit constraints are also preventing the property market from recovering.

"On a more positive note, it looks as if first home buyer loans may have found a base," he added, in reference to a report on property financing published by the Australian Bureau of Statistics yesterday (February 14th).

"If we see a return of first home buyers to the market this year, it will likely be driven by disenchantment with paying increasingly high rents," Mr Harvey added.

David Airey, president of the Real Estate Institute of Australia, said yesterday that first home buyers had been hardest hit by the effect of interest rate rises since October 2009 and November 2010.

Posted by Steve Douglas

- interest, rates, property, sales, finance

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