New home market contracts amid soaring costs, rate hikes

Wednesday 2 November 2022

The Australian Bureau of Statistics (ABS) released new home finance, which showed that loans for construction fell 10% in September to be down 22% year-on-year:

Separate ABS data also showed that dwelling approvals nationally fell 5.8% in September to be down 13.0% year-on-year:

New home sales have also plunged:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.